A lack of infrastructure and inadequate broadband are curtailing family businesses, and the government must step in to do something about it.
That’s the call from the Institute for Family Business (IFB), which says that broadband coverage, red tape, poor road and rail networks and insufficient links with emerging markets are all barriers to growth for family firms.
But this is out of kilter with the government’s productivity plan, announced last year to boost UK economic growth, and Westminster needs to implement measures to help family businesses to thrive, the IFB has said.
According to the Institute’s research:
- More than 40 per cent of business owners disagree that broadband coverage meets their business needs
- 75 per cent think that making superfast broadband available to 95 per cent of UK households will help
- 58 per cent said funding new roads should be a priority
- Half believe rail investment will be a positive step
- 66 per cent think bureaucracy restricts their business growth
- Three quarters said the government should prioritise slashing £10billion in red tape.
Director general of the IFB, Mark Hastings, said: “Our members are telling us that the government needs to do much more to free them up and allow growth.
“The ideas, creativity and drive for business development are as strong as ever. But the basic infrastructure, roads and rail networks must be there to encourage it.
“Ensuring business has proper access to broadband is absolutely vital. The idea that business in modern Britain could get left behind because they cannot get connected is crazy.
“Equally red tape should never be a barrier for holding anyone back.”