Ahead of next week's budget, Richard Fuller MP, Shadow Chief Secretary to the Treasury, has signed a cross-party letter, urging the Chancellor to re-think her changes to Business Property Relief (BPR). The letter, spearheaded by Robbie Moore MP, expresses grave concerns about the possible impact these changes may have on family businesses.
Signed by MPs from across the political spectrum, the letter warns the Chancellor that her planned reduction in BPR (effective from April 2026) is expected to lead to 125,000 job losses and result in a £9.4 billion hit to economic output.
Approximately 85% of UK businesses are family owned. The letter stresses that the sudden change may force many family businesses to borrow heavily or sell to private equity, overseas buyers, or PLCs, jeopardising local economies and long-term investment.
Richard Fuller MP said:
“Family businesses are the backbone of our communities and economy. Changing BPR without proper consultation, and without due consideration of the wider economic impact, jeopardises jobs and undermines local and national investment. We call on the Chancellor to pause, look at the bigger picture and engage meaningfully with those affected.”
Before next week's budget, the letter urges the Chancellor to review her changes, initiate proper consultation, and formulate a solution that supports economic growth and protects family run enterprises.
You can read the letter in full here.
