Confidence amongst family businesses has plummeted to lower levels than during the Covid lockdowns according to a industry expert.

The Institute for Family Business (IFB) says 80 per cent of its members are less confident going into winter than at the height of the pandemic last year.

It is calling on Prime Minister Rishi Sunak and the new government to "get a grip" on reducing inflation and rising interest rates.

Its members are based across the UK in every sector and include some of the most successful and longstanding, businesses in the country.

Together they employ over half a million people and have a combined annual turnover of £100billion.

More than half of its members see rising inflation as a "considerable threat" to their future , while energy support measures for business will only "slightly help" them this winter.

The IFB, the UK's largest family business organisation, also wants to see clarity on the rise of business rates scheduled for next year.

Three-quarters of family companies surveyed said they do not feel confident about the economy over the next year and are looking for a long-term economic plan to help provide stability for investment.

Neil Davy, chief executive of IFB, said:"Our members have been battling rising inflation over the last six months with no clarity from previous Governments about how it plans to help address the current economic difficulties, reduce inflation or build a stable climate for businesses to invest.

"Under Rishi Sunak, we want to see a clear plan to help stabilise the economy and provide real incentives to help businesses invest in the economy and their local communities which are the backbone of the UK."

Around five million UK family businesses provide jobs for 14 million people and the IFB said the Government needs to recognise their societal and economic value.

It highlighted the vital role family businesses played during and after the pandemic and how they are helping to level up communities across the country.

To celebrate their successes, the IFB is hosting its annual Family Business Week (FBW 2022) in partnership with NatWest from November 21-25, a week after the autumn statement.

Mr Davy said: "It's more important than ever that the Government acts to protect family businesses who face skyrocketing bills and are worried about their survival.

"We will continue to press the Government to ensure that support is delivered so firms can survive the winter months and begin to invest again in their futures and grow the economy."