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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.

  • Black, Asian and Minority Ethnic groups account for more than £300 billion in purchasing power.1
  • In 2021, the annual disposable income of people from Black, Asian and Minority Ethnic backgrounds was £4.5 billion.2
  • People from Minority Ethnic groups are projected to have a cumulative disposable income of £16.7 trillion, or £575 billion annually, by 2061.3

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 4
  • The percentage of households with financial debts that exceed their financial assets was highest for the Black African group at 44%, and was twice as likely compared with the White British group 5
  • In 2022, 7% of Black people were unemployed compared to 3% of white people 6
  • 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 .7
  • In 2023, Black/African/Caribbean (18.9%) were more likely to be in insecure work compared to their white counterparts (9.6%) 8
  • Black graduates earn less than White, Asian and Mixed-Race graduates six months after leaving university. 25% of Black graduates earn above £25,000 a year, compared to 38% of Asian graduates and 30% of White graduates.9
  • Black people are also over-represented in low-paid caring or administrative work.10

£300bn

Black, Asian and Minority Ethnic groups account for more than £300bn in purchasing power.

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.