Familly firms vital to the economy

New research for the Institute for Family Business has revealed the UK is home to 3m family businesses, which provide 9.4m jobs, generate a quarter of GDP and pay 102bn in tax each year report Harris & Co accountants Northampton, the specialist small business accountants. Oxford Economics calculated that an extra 30,000 family businesses have been created since 2010; while the majority are small businesses, more than 15,000 are medium and large companies. More than one in ten large companies are family owned, and nearly half of all medium-sized businesses, said the consultancy. Oxford Economics also said the Gross Value Added of family firms has increased by 3bn since 2010 to 360bn say the Northampton chartered accountants