Family-run businesses are vital to the United Kingdom economy, accounting for 88 percent of all UK firms. They operate in every industrial sector throughout each nation and region, employing almost half of the UK’s private-sector workforce.
In this report for the IFB Research Foundation, Oxford Economics presents the most up-to-date evidence on the family business sector, detailing its key characteristics, recent performances and economic contributions to the UK as a whole. Looking forward, it sheds light on the unique challenges the sector faces, and its plans for future growth.
Family businesses employ more than 12.2 million people in 4.8 million UK firms. Their output contributes £519 million to the UK’s annual GDP––more than a quarter of all the country’s economic activity each year. The sector also generates some £149 million in taxes for HM Treasury––larger than the NHS’s budget for 2016/17.
The UK’s family businesses have ambitious plans: this report finds that 60 per cent intend to increase the skills of their workforce over the next three years to achieve further growth, while more than a third say they plan to inject capital investment or introduce new working practices. Not that it’s all plain sailing, of course: the report also identifies increased competition and regulations as family businesses’ two main obstacles to success.
Read the full report.
Oxford Economics’ team is expert at applying advanced economic tools that provide valuable insights into today’s most pressing business, financial, and policy issues.
To find out more about our capabilities, contact:
+1 (646) 503 3052
+65 6850 0110
+44 (0)203 910 8054
Investment behaviour in sustainable finance
To meet the 2050 climate targets, the global sustainability and climate goals will require massive public and private investments of more than 131 trillion euros.Find Out More
Investitionsverhalten bei nachhaltigen Finanzinstrumenten
Investitionsverhalten bei nachhaltigen Finanzinstrumenten: Eine verhaltensökonomisch experimentelle Analyse von "ESG-Präferenzen" und deren Implikationen für Finanzinstitutionen und Politik.Find Out More
Tobacco Track & Trace Systems Across Africa
The purpose of this study is to review progress towards implementing track & trace (T&T) systems across the continent, to assess the compliance of existing systems with ITP requirements and to investigate the potential benefits from a regional perspective to combating illicit trade.Find Out More