The contribution of the UK’s family business sector is to be celebrated with the launch of the UK’s first Family Business Week, led by the Institute for Family Business (IFB) and supported by NatWest.
Running from Monday 22 – Friday 26 November, Family Business Week will celebrate family businesses across the length and breadth of the UK, and focusing on the role of business as a force for good. It will also highlight the significant – and often overlooked – contribution that family firms make to the UK economy. The UK’s 5 million family firms provide jobs for 14 million people, making them the backbone of the economy and the bedrock of communities across the whole of the UK.
Ahead of the week, family businesses from across the country have come forward to share their stories of how they support their people and local communities, while also showcasing the valuable role that family firms have in tackling the climate crisis by making their businesses more sustainable. As part of the week’s activities, the IFB has been coordinating a series of visits for MPs to their local family businesses, culminating in Family Business Friday on 26 November.
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Sir James Wates CBE, Chairman of the Institute for Family Businesses (IFB) said:
“We’re delighted to be celebrating the immense role that 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. This week of celebration is to also recognise that many of the significant challenges we face – building back better and greener from the pandemic and levelling up the UK – can only be solved with the help of our nation’s family businesses.”
Andy Gray, Managing Director, Corporate and Commercial, 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.”
Fiona Graham, Director of External Affairs and Policy, said:
“The first of its kind, Family Business Week draws upon the vital contributions of the family business sector from across all corners of the UK. Throughout the week we’ll be showcasing how the sector has supported local people and acted as a force for good within society. It is clear that the family business sector has a vital role to play in the long-term prosperity of the country too, and this week will also provide an opportunity to talk about these issues with political stakeholders at both a local and national level”.