Individual Reactions from Family Business Leaders
Leaders at some of the country’s oldest family firms have voiced their opposition to the incoming rules. Lizzy Rudd, Chair of Berry Bros & Rudd, which has operated since 1698, described the changes as “an additional burden for family businesses at the very time the Government should be encouraging us to invest.”
She added, “This tax will drive behaviour that I do not believe the Government wants, nor does it understand the principles on which we operate.” Matthew Ayres, Managing Director of equipment supplier Bennie Group, pointed out the costs associated with professional tax planning, often unavailable to smaller enterprises.
He said, “Instead of focusing our energy on innovation, growth, and serving our customers, we are being pushed into a defensive position.” James Reed, Chairman and Chief Executive of the recruitment group Reed, warned of the risk that “great British companies will be broken up and sold off to foreign owners and private equity.”
He noted that, according to his assessment, the policy could ultimately reduce overall tax receipts due to resulting job losses and lower economic activity.
