Treasury minister tells entrepreneurs not to be 'put off' by inheritance tax but refuses to offer budget reassurance

From the Newshound archive · first published 24 September 2026 · last updated 25 September 2026.

Emma Reynolds, chief secretary to the Treasury, paid a visit to Numatic International — the company behind the Henry vacuum cleaner — to encourage founders to press on with building their businesses despite inheritance tax changes that took effect in April. She argued that Britain has "very big strengths" and leads the G7 on growth, but was blunt in telling entrepreneurs she could not offer them "any reassurance on the Budget." Numatic's 86-year-old founder Chris Duncan, who holds the roles of chief executive and majority owner, now stands to face a potential 20 per cent inheritance tax liability on the value of his business upon his death.

Since April, only the first £2.5m of qualifying business assets passes on tax-free — value above that threshold is hit at an effective rate of 20 per cent.

Reynolds insisted the Treasury was not a "growth inhibitor," even as business groups continue to warn the changes punish multi-generational family firms.

Numatic, founded in 1969, employs 1,100 people and posted pre-tax profits of £28m in 2024 — exactly the kind of firm Reynolds said she wanted to see thrive.