Ahead of next week's budget, Richard Fuller MP, Shadow Chief Secretary to the Treasury, has added his name to a cross-party letter, spearheaded by Robbie Moore MP, expressing grave concerns to the Chancellor of the Exchequer, Rachel Reeves, about her forthcoming changes to Business Property Relief (BPR).
The letter, signed by MPs from across the political spectrum including Conservative, Labour and Liberal Democrat, warns the Chancellor that her planned reduction in BPR (effective from April 2026) is expected to lead to 125,000 job losses, nearly 5,000 businesses needing to adjust their operating plans and 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 jeopardises jobs, undermines investment, and risks handing control to firms outside our communities. We call on the Chancellor to re-think this approach and engage meaningfully with those affected.”
Before next week's budget, the letter urges the Chancellor to pause and review her changes, initiate proper consultation, and formulate a solution that supports economic growth while protecting family run enterprises.
You can read the letter in full here.
