On Tuesday 20 December, Stephen led a Westminster Hall debate on supporting entrepreneurs from ethnic minority backgrounds. The debate largely drew upon the London Chamber of Commerce and Industry's recent report, Ethnic Diversity in Business.
The report found that the economic contribution of ethnic minority-led businesses is estimated to be an additional £25 billion to the UK economy. But because of barriers they face, they constitute just 5% of small and medium enterprises.
In the debate, Stephen argued that there are two key barriers ethnic minority-led business face. First, challenges in accessing finance, and second, a lack of reliable data.
Speaking in the debate, Stephen said “we need to be determined to end racial and ethnic inequality across UK society, including when it comes to start-up support, and to closing gaps that have persisted for far too long.”
You can watch Stephen’s full speech - and the Minister’s response - below.