Ethnic minority owned businesses are an important and growing feature of the private sector, playing a significant economic and social role. Government figures estimate that there are 300,000 ethnic minority owned businesses, contributing an estimated £20 billion annually to the UK economy. Ethnic minority businesses are important not just because of their numbers or financial contribution; they have also helped transform particular sectors of the economy and in the regeneration of depressed inner-city areas.
A higher proportion of ethnic minority businesses are located in 15% of the most deprived wards in England. This reflects patterns across the UK where ethnic minorities are proportionally more likely to be living in deprived communities than their white counterparts. Businesses based in these areas bring much needed jobs, facilities and services and contribute significantly to the regeneration of the communities.
The entrepreneurial spirit of ethnic minorities in the UK is something to be celebrated. We need to work together to create an environment that nurtures this creative energy and drive, and support it to flourish.