For years, family families have been able to pass on their businesses to their descendants without worrying about inheritance tax (IHT). Thanks to Labour chancellor Rachel Reeves, that is about to change.

The Budget will force many family firms to sell what is often the project of several lifetimes. Many could be broken up and asset stripped by marauding private equity firms, making everyone poorer.

Families face paying IHT bills running into tens of millions from their own pockets. That’s…