Family firms generate more than a quarter of GDP to the UK economy

Family firms’ commitment to making their business a success makes them a valuable addition to the Lancashire economy, the boss of a leading charity has said.

Suzanne Carr at Age Concern Central Lancashire, said the sector was a “strong and stable foundation” upon which the local business community was built.

The Institute for Family Business (IFB) reports that family firms generate more than a quarter of gross domestic product to the UK economy, paying £182 billion in tax each year, more than the annual NHS budget.

Age Concern Central Lancashire is sponsoring the Family Business of the Year category at this year’s Be Inspired Business Awards, the BIBAs, and led a judging panel which visited finalists for the category yesterday.

Suzanne said: “It is hard to overstate the value of family businesses to the Lancashire economy and having met the finalists for the BIBAs’ Family Business of the Year prize, they are doing invaluable work.

“You can see a real commitment from the management and workforce of all of these companies which goes beyond profit and loss and looks at business in a different way to those not family-run.

“We are proud to be supporting the BIBAs in its efforts to recognise this crucial sector of the local economy and we wish all the finalists the best of luck.”

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Closing Date: 31st July 2020