Over the last 5 years I have met with many family businesses across our community. As many of you will know, family run businesses are more than just profit-making ventures; they are the foundation of jobs, local investment, and stewardship of our communities and landscapes. It has been great to hear about the work they do and the long term commitment they bring to our area. But these brilliant businesses have been put at risk by Labour’s decision to cap Business Property Relief (BPR).
Take the example of one diversified rural estate in Sevenoaks. It employs ten full-time and three part-time workers and many local contractors, contributing £1.50 to the local economy for every £1 it earns. The family that owns it has a 100-year vision, reinvesting profits into preserving the estate and supporting the community. Without BPR, however, they believe they will have no choice but to sell off 20% of their assets to meet tax bills.
The pharmacy sector is also under siege. One local family-run chain, which has avoided redundancies for nearly 50 years by reinvesting its profits into automation and patient care, now faces a grim choice. Rising costs and reduced tax relief could force them to make job cuts or sell off locations, impacting employees and patients reliant on their services. This cannot be fair or right.
Next are a local farm where they have tried to do the right thing, by diversifying to help finance their farm. More than £10m has been invested into the local economy over the last decade or so. The farm itself makes no money, so they are not driven by investment return. The proposals by the Government will jeopardised plans to pass on the Estate to their family. The benefit to society of sustainable farming businesses is that it generates employment and looks after the countryside and of course feeds the nation. And this is all being put at risk.
Family businesses often think in terms of decades, even centuries, putting long-term sustainability and local investment ahead of short-term profits. That is why we must fight to protect them.
Preserving family businesses isn’t just about tax policy—it’s about safeguarding the heart of our communities, our economy, and our environment. If these policies aren’t addressed, the impact will be felt far beyond balance sheets, reshaping our country in ways that we cannot afford to ignore.
I will continue to champion family businesses in Westminster, supporting their vital contribution to the vibrant, thriving communities we all cherish here in Sevenoaks.
