Family-owned businesses are to call on the Government to cut red tape and increase support for a sector that generates an estimated £1.1 trillion of revenues. The Institute for Family Business (IFB) in a report co-produced with Oxford Economics, says that two-thirds of UK private sector firms are family owned and those businesses employ 9.2 million people, or 40% of private sector jobs. In addition, family businesses paid almost £82bn in taxes last year, or 14% of Government revenues. The IFB argues that the tax system penalises entrepreneurial families and that 20,000 new jobs could be created if employment rules were relaxed for family firms. It calls for the Government to give more support with succession planning, one of the big issues family firms face in making sure they continue to trade and grow.

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