Uncategorized December 14, 2011

Family businesses need government support, IFB says

The Institute for Family Business (IFB) has stated that the government must get behind each British family business in order to help them succeed.

Singling out the Department for Business, Innovation and Skills (BIS) in particular, the body released an official letter containing its recommendations and comment.

The IFB has called upon its various members to print out the letter, sign it and send it to their regional MP in a bid to lobby government. The letter begins: "During the last fortnight I have been concerned about negative reports in the press based on research commissioned by BIS, which I believe is unjustly damaging to the public's perception of the family business sector.

"This negative singling out of family business seems to be at odds with the recent BIS mid-sized business growth review, which refers to the 'steady performance' and 'prudent financial management' of family firms."

The letter (cited by Ifb.org.uk) continued to demonstrate the impact family businesses have on the UK economy, stating that they employ over nine million people and are worth 1.1 trillion - something Britain should be "proud of", the IFB believes.

After the letter was published, a representative for the IFB spoke to campdenfb.com about its contents, confirming that the organisation hopes that BIS will announce its plans to support the success of the family business industry. The spokesperson also called them the "hidden champions" of Britain and that there are ways in which the government can help them further boost their impact upon the economy.

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