Time to Change

Ethnic minorities in the UK are consistently more entrepreneurial, or more likely to start a business, than the population generally. An estimated 250,000 EMBs contribute around £25 billion per annum to the UK economy.

EMBs make important social and cultural contributions as well, by providing employment, particularly to marginalised groups, revitalising deprived city areas, offering a wide range of products and services, and positively shaping the cultural diversity and attractiveness of British cities.

However, despite their entrepreneurial ambitions and contributions, ethnic minorities are less likely to operate established or mature firms that generate stable income over time. Additionally, entrepreneurial efforts of ethnic minorities are more likely to result in early closure of businesses.

The Time to Change Report: A Blueprint for Advancing the UK’s Ethnic Minority Businesses, commissioned by NatWest Group and prepared by the Centre for Research in Ethnic Minority Entrepreneurship at Aston University sets out ten evidence-based recommendations for developing better policy and support targeting EMBs which, if implemented, have the potential of generating a four-fold increase in the annual GVA for EMBs, from £25 billion to £100 billion.