September 15 ,2016 | by Helen Gould

Migrant-led businesses boosting UK economy, says report

Migrant-led businesses boosting UK economy

Businesses led by migrants are helping to boost the UK economy, according to a report by the Institute of Directors (IoD) and mi-hub, which provides co-working space specifically for migrant entrepreneurs.

The report, entitled Migrant Entrepreneurship in the UK: celebrating the benefits to Britain, showed that migrants are making a valuable contribution to the UK, helping to create jobs rather than taking them.

Challenges

The report identified the main reasons for migrants choosing to come to the UK, with the most common reason being to start a job that they had been offered. Other reasons that respondents gave included joining their family, coming to search for a job, and coming to study.

The research also revealed that the majority of foreign-born entrepreneurs are taking on British staff or are planning to do so.

Respondents were also asked if they had experienced any challenges as a migrant entrepreneur. Two-thirds said that they had, with a lack of established network and contacts in the UK being given by 44 per cent of respondents as the biggest challenge.

Over 35 per cent said that a lack of knowledge of government schemes to support start-ups were a challenge, whilst 33 per cent said a lack of finance and language barriers.

Boost

The report called for the challenges faced by migrant entrepreneurs to be tackled, as this would enable migrant-led businesses to create more jobs and boost the UK economy.

Commenting on the report, IoD Head of Campaigns and co-author of the report, Andy Silvester, said: “This is an attempt, in one small way, to remind people of the positive contribution that many migrants make to the UK.”

Helen Gould

Helen is a News Writer for LSBF who writes about education, careers, sustainable business, and women in business.

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