Stat of the day: £1.1tn

The revenues that family businesses pump into the UK economy; more than a third of total UK private sector turnover.

by Rebecca Burn-Callander
Last Updated: 09 Oct 2013

There are three million family businesses in the UK, busily employing 9.2 million people, and contributing £81.7bn in tax to state coffers. That's a whopping 14% of government revenues.

But this is not a happy cash cow. The Institute for Family Business has just conducted a study which reveals that family businesses are being battered by the 'complexity of the capital tax system'. From employment red tape to the confusing tax relief process, family businesses are having trouble investing in growth.

The research, undertaken by Oxford Economics, shows that over a third of family businesses would invest more in family start-ups if the law was simplified. This could create up to 20,000 new jobs.

Food for thought.

Check out our feature on family businesses here.

Or, you can read the whole IFB report here.

Find this article useful?

Get more great articles like this in your inbox every lunchtime

Mike Ashley: Does it matter if the public hates you right now?

The Sports Direct founder’s response to the COVID-19 pandemic has drawn criticism, but in the...

4 films to keep you sane during the coronavirus lockdown

Cirrus CEO Simon Hayward shares some choices to put things in perspective.

Pandemic ends public love affair with Richard Branson et al

Opinion: The larger-than-life corporate mavericks who rose to prominence in the 80s and 90s suddenly...

The Squiggly Career: How to be a chief strengths spotter

When leading remotely, it's more important than ever to make sure your people spend their...

"Blind CVs don't improve your access to talent"

Opinion: If you want to hire socially mobile go-getters, you need to know the context...

The highs and lows of being a super-achiever

Pay it Forward podcast: techUK boss Jacqueline de Rojas and Google UK's marketing strategy and...