British construction firms have warned that the Budget measures announced by the government will "fatally undermine" family-run companies in the sector.
In a letter to the Prime Minister and seen by Sky News, Steve Mulholland, chief executive of the Construction Plant-hire Association (CPA), said the changes to Business Property Relief and Inheritance Tax had caused real unease among its members, many of which were family-run businesses.
"To be clear, these are well-established, in some cases, large family-run businesses with an exceptional reputation for delivery and customer service.
"These changes will result in companies deferring investment and hiring decisions, expansion plans will be called into question, with prolonged uncertainty and instability at a time when businesses can ill-afford it."
Mulholland described his association’s 1,900 members as "the backbone of the construction industry, contributing £14bn to the economy and supporting over 190,000 jobs".
"The vast majority of these companies are family-run businesses," he told Sir Keir.
"Our members have a key role to play in building the 1.5m new homes, that is a priority for your government and a key pillar of your Plan for Change".
"Your pledge to get Britain building again can only be delivered through renewed investment in new equipment, technologies, innovations, and people," Mulholland wrote.
"The October budget failed us on each of these levels.”
Mulholland’s comments came as the latest economic data showed the UK economy saw no growth between July and September, something that Chancellor Rachel Reeves blamed on the previous government.