Business: Coronavirus

(asked on 17th November 2021) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment his Department has made of the role of medium-sized family businesses in supporting growth as part of the recovery from the covid-19 pandemic.


Answered by
Paul Scully Portrait
Paul Scully
This question was answered on 25th November 2021

Family run businesses make a key economic contribution to the UK economy. 77% of SME employers1 were defined as family-owned businesses in 2020 (a 3 percentage point increase on 20192) and they have been estimated to contribute 29 percent of UK GDP3. Over half of medium-sized businesses4 are family-owned (58%)5. Like other businesses they have been able to benefit from the unprecedented package of support that government continues to offer and we expect them to continue to play a key role in the recovery.

1 Businesses with 1-249 employees

2 Longitudinal Small Business Survey – SME employers, 2020 (BEIS)

3 Institute for Family Business Research Foundation, the UK Family Business Sector 2020-21

4 Businesses with 50-249 employees

5Longitudinal Small Business Survey – SME employers, 2020 (BEIS)

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