The contribution of the UK’s family business sector is being celebrated this week with the launch of the first Family Business Week (22-26 November).
The week, led by the Institute for Family Business and supported by NatWest, will also highlight the significant contribution that family firms make to the economy – the UK’s 5 million family firms provide jobs for 14 million people.
The event will see family businesses from across the country sharing 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. The Institute for Family Businesses has also been co-ordinating a series of visits for MPs to their local family businesses, culminating in Family Business Friday on 26 November.
Sir James Wates, Chairman of the Institute for Family Businesses, said: “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 at NatWest, added: “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.”