Family businesses are crucial to boosting the UK economy, claims the Forum of Private Business.
Representatives from the not-for-profit employer have claimed that family run-businesses are now the backbone to the British economy because they represent such a large portion of SME’s in the country.
In an interview with Fresh Business Thinking, the forum’s chief executive Phil Orford urged the government to do everything they can to help the owners of a family business succeed.
He said: “With such a huge number of small firms acting as the muscle for the UK economy, it’s in everyone’s best interest for these businesses to grow, flourish, and be able to trade to the best of their ability.”
“The importance of family run firms really should not be underestimated – we need to start seeing growth in this area as being intrinsically linked to the future health of the UK economy.
According to The Mail Online, the group recently predicted that access to finance could be the biggest hurdle to helping family businesses succeed.
Phil McCabe, who is a PR officer for the forum, claimed that banks needed to do more in order to improve levels of lending to such businesses in order for them to thrive.