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Economic empowerment and equity of opportunity
Economic empowerment and equity of opportunity

The hard fact is, there isn’t a level playing field when it comes to economic empowerment and equity of opportunity.

Unemployment rates are consistently higher among Black populations. And in work, Black people get paid less than their White counterparts.

BEO believes an equitable economy is not only possible but crucial for everyone in Britain.

  • In 2021, the annual disposable income of people from Black, Asian and Minority Ethnic backgrounds was £4.5 billion.1
  • People from Minority Ethnic groups are projected to have a cumulative disposable income of £16.7 trillion, or £575 billion annually, by 2061.2

But Black people also face multiple barriers to full participation in the economy.

  • 51% of children in Black/Africa/Caribbean and Black British families were in poverty – double the rate of poverty for White children 3
  • In 2022, 7% of Black people were unemployed compared to 3% of white people 4
  • In 2022, Black, African, Caribbean or Black British employees earned less (£13.53) median gross hourly pay than White employees (£14.35), which has been consistent since 2012 .5
  • Black/African/Caribbean (18.9%) are more likely to be in insecure work compared to their white counterparts (9.6%). 6
  • A recent BEO survey revealed that 19% of respondents said there were no DEI initiatives in their workplace and 21% said the initiatives did not improve opportunities or their sense of belonging.
  • Black people are also over-represented in low-paid caring or administrative work.7

Economic Empowerment and Equity of Opportunity

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BEO will work with its partners and allies to ensure an inclusive economy where all Black people can thrive.

We will work for equitable participation, pay and progress for Black people in the job market and seek to challenge and address the causes and consequences of poverty.


References

 

  1. Black Pound Report, BLACKLIGHT, 2022
  2. WPP study reveals how brands can unlock £16.7 trillion spending power of Minority Ethnic consumers 2022
  3. Child poverty: Statistics, causes and the UK’s policy response
  4. Ethnicity facts and figures
  5. Ethnicity pay gaps, UK: 2012 to 2022
  6. Inequalities in insecure work
  7. Employment by occupation, Office for National Statistics, November 2021
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