Family firms make strong showing
A business report shows that the contribution health and social care services family firms make to the UK economy amounts to almost £23 billion of total gross value added (GVA) to UK gross domestic product (GDP).
The UK Family Business Sector Report, produced by Oxford Economics for the Institute for Family Business (IFB) Research Foundation, says that in the health and social care services sector there are more 277,000 family firms employing 859,000 people, providing 48.9% of private sector employment. And they are growing – their turnover has increased by £4.4bn in the last year.
“The family business health and social care services sector creates a substantial proportion of the UK’s GDP, and we are proud to champion and delighted to celebrate this incredible contribution,” said IFB director Elizabeth Bagger.
“To ensure family businesses continue to flourish, we’re calling on the Government to support them with policies which allow family firms to plan and invest for the future.”