MPs join in recognition of inaugural Family Business Week

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The UK’s first Family Business Week has been launched today (22 November) by the Institute for Family Business (IFB).

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Family business: independent retailer Julie Kaur and family

The week-long event, supported by NatWest bank, is focusing on the role of business as a force for good.

As its name suggests, it will highlight the contribution that family firms make to the UK economy. The UK’s family-run companies provide jobs for 14 million people.

As part of the week’s celebrations, the IFB has arranged visits for MPs to their local family businesses, culminating at the end of the working week on Family Business Friday.

Sir James Wates, IFB chairman, said: “We’re delighted to be celebrating the immense role family businesses have played in supporting people and communities and to showcase how family business is a force for good. Values-led, purpose-driven businesses like these are the backbone of our economy, and we need to celebrate and support them – especially after the difficult time they have faced during the pandemic.”

Andy Gray, managing director for corporate and commercial at NatWest, said: “Family businesses are a cornerstone of the UK business community, responsible for nearly 30% of UK economic output, and a significant proportion of private sector employment; as a result, UK economic recovery and growth relies heavily upon the success of this group.

“NatWest is proud to be supporting the first Family Business Week, celebrating the diverse and innovative success stories of businesses who have built on many years of heritage, and inspiring the next generation of family businesses to come.”