Family Businesses Polling: Post-Budget Outlook and the Impact of Business Property Relief Changes

Family businesses are a cornerstone of the UK economy, employing millions of people and sustaining communities across the country. This new report, commissioned by the Jobs Foundation and conducted by Whitestone Insight, provides a detailed assessment of how family businesses view the UK’s economic prospects following recent Budgets, and the anticipated impact of forthcoming changes to Business Property Relief (BPR) and Agricultural Property Relief (APR).

Based on a representative survey of 1,150 family businesses and family farms, the research paints a stark picture of confidence at historic lows. Nearly eight in ten family business owners are pessimistic about the UK economy in 2026, while only a small minority would advise a young entrepreneur to start a business in the UK. Respondents are more likely to rate the tax and regulatory environment of the 1970s as better for business than the present decade.

The findings also highlight a profound disconnect between government rhetoric on growth and the lived experience of business owners. A large majority report that recent Budgets have harmed their business, and four in five say the Government does not understand what it is like to run a business. Current tax arrangements are widely seen as a disincentive to enterprise, risk-taking, and long-term investment.

A central focus of the report is the impact of changes to BPR and APR on succession planning. Many family businesses report being forced to reconsider their future plans, with concerns that new inheritance tax liabilities will compel the sale or break-up of firms built over generations. Nearly two-thirds of owners find it demoralising that they may no longer be able to pass on their life’s work to successors without facing significant penalties.

Alongside the data, the report includes insights from leading family business owners across sectors, illustrating how policy uncertainty and rising costs are shaping real-world decisions on hiring, investment, and growth.

Taken together, the findings underline the need for a policy environment that recognises the unique role of family businesses and supports their ability to invest, grow, and pass on successful enterprises to the next generation.

You can view the full report here.