A week-long campaign in November is to champion the importance of family businesses during the cost-of-living crisis.
The Institute for Family Business (IFB) will highlight how business support needs to be directed towards organisations such as family businesses which are at risk from closing due to high inflation and energy costs.
It will be part of the IFB’s annual Family Business Week, run in partnership with NatWest, which will take place from 21 to 25 November 2022.
The week-long celebration will also include several business events hosted by the IFB, as well as MP visits to family firms and panel discussions around this year’s theme.
Around five million UK family businesses, providing jobs for 14 million people, are the backbone of the economy, including the garment industry, and essential to supporting local areas during the cost-of-living crisis.
Ahead of the week-long campaign, family businesses from across the UK will share their stories of how they are supporting their employees and local communities during the cost-of-living crisis.
They will showcase the valuable role that family firms are playing to tackle the climate crisis and how they are creating a more energy-efficient economy by being more sustainable.
IFB chief executive Neil Davy said: “We are very proud to celebrate family business’s place in the world and illustrate how they are the backbone of local communities and integral to the growth of the economy.
“We started Family Business Week to highlight the immense role that family businesses played supporting people and communities during the pandemic. However, this year’s campaign is perhaps even more urgent as thousands of family businesses face skyrocketing energy bills and are worried about how they will survive.
“Family Business Week 2022 is about ensuring the Government realise business support is needed in order for firms to survive the winter months.”
Fiona Graham, the IFB’s director of external affairs and policy, added: “This winter, family businesses will be doing everything they can to survive, support their staff and help the local community.
“It is now more important than ever that we celebrate the vital contributions of the family business sector. We also need to make sure they have the necessary help to continue to prosper.
“Throughout the week, we’ll be showcasing how the sector is supporting the country over the difficult months ahead. The IFB will be providing opportunities for businesses to talk about these issues with political stakeholders at both a local and national level.”