Rachel Reeves’ Budget has undermined family businesses across Yorkshire - Thomas Martin

Others like AW Hainsworth have been doing the same for 240 years, Bettys & Taylors 105 years, Howarth Timber 184 years. The list goes on.

But in the Budget the Chancellor put all this under threat by changing long-established policies that support us. For the first time in almost 50 years, family businesses across Yorkshire will be subject to Inheritance Tax when the owner dies – something that is forcing many to wonder whether they will ever be able to pass on their business to their children. And whether their children will be able to afford to take them on?

Don’t get me wrong, I’m not arguing that family business owners shouldn’t pay their fair share of tax. We already do. Britain’s 4.8 million family businesses contribute more than £200bn in tax every year – about a quarter of all taxes received by the Government.

But let’s be clear, for someone inheriting a family business, they are not taking on a prized Ming vase, family heirloom or nice house. It is the fabric of business. Family farmers too are facing exactly the same threat. The tools of their business will also be taxed when they are passed to the next generation threatening food security and environmental management as assets are used to achieve maximum economic return.

The problem is that whilst Inheritance Tax is a tax on the individual, in the case of family businesses it becomes a direct cost to the company. Take an average business valued at £8m, a family member inheriting it will now be expected to pay 20 per cent tax on that (minus the first £1m) to take it on when the owner dies.

Not many people have that kind of money kicking around and so they will need to take a dividend from the company. That will be subject to an additional tax rate of 39.5 per cent meaning companies will be double taxed.

The cost will ultimately be paid through reduced investment, less growth, fewer jobs and more redundancies as companies divert money to cover a future tax liability. In worst case scenarios, neither the business or family member can pay the Inheritance Tax and will be forced to sell the business, or parts of it.

When you add on the massively increased burdens this Government is placing on business through increased employers National Insurance contributions, new employment legislation and minimum wage, the changes to Inheritance Tax are draining what little confidence we had left.

Business needs confidence. It imbues a sense of certainty that underpins the very nature of private enterprise, allowing companies of all sizes to take risks and invest in both their communities and people to generate long-term prosperity.

But in a 76 minute Budget speech the Chancellor has unwound hundreds of years of patient planning and investment that will likely result in lower taxes, lower growth and lower employment.

I am calling on the Government to consult with us to reverse this change and protect our proud heritage of family business.

Thomas Martin is the chair of Arco Ltd and the Yorkshire Regional Business Engagement Board.