'It is not too late for the Government to reconsider' - CEO says as inheritance tax change puts thousands of West Midlands jobs at risk
Almost 22,000 jobs could go across the West Midlands as the owners of family businesses and farms respond to changes in inheritance tax announced in the Budget, according to new research.
A study by Family Business UK (FBUK), supported by 32 trade associations and conducted by CBI Economics - the independent consultancy arm of the CBI, reveals the full impact of changes to Business Property Relief and Agricultural Property Relief on the West Midlands economy.
It shows 21,987 FTE jobs could be lost across the region, a reduction of around nine per cent driven by the decision of business owners to cut investment by more than 16 per cent.
The research suggests that across the West Midlands businesses affected by Business Property Relief (BPR) could see turnover fall by 10.3 per cent and those affected by Agricultural Property Relief (APR) by 11.7 per cent - making the region one of the worst affected. Overall, the loss of jobs and investment could cut economic activity across the region by £1.4 billion.
