Black Britain and Beyond release ‘Inequality Risk: The Black British Wealth Creation Report

Black Britain and Beyond release 'Inequality Risk: The Black British Wealth Creation Report at the “Be The One: Creating a Legacy of Empowerment” symposium 11–14 November 2021.

To mark the opening day of its second annual symposium, Black Britain and Beyond will release ‘Inequality Risk: The Black British Wealth Creation Report’:

From 12pm to 3pm on 11 November the report’s findings will be discussed live by a panel of experts, including 2022 Powerlist top honouree Jacky Wright, Trevor Williams, George the Poet, Tangy Morgan, Keith Levy, Gavin Lewis and Professor Mariana Mazzucato.

The report will be available to download on the Black Britain and Beyond website from 11 November.

Over the last six months a group of experts have mobilised to analyse, research and formalise the concept of economic inequality risk.

Specifically, the group has examined the impact of continued economic inequality for the Black British community and the broader implications for the UK economy. Focusing on small- and medium-sized enterprises, it is
estimated that the UK could see a £25.2 billion increase in GDP if the Black British wealth gap was closed.

The report explores how to achieve closing that gap through themes such as access to opportunity and information and reveals that a key hindrance to developing Black wealth is the current disparity in access to capital.

“Capital is the foundation of productivity, economic growth and innovation,” said Trevor Williams, Former Chief Economist at Lloyds Bank Commercial Banking and Visiting Professor at the University of Derby. “Without the ability to invest in new ideas to make them reality and create new wealth and future income, the living standards of those affected will inevitably fall. Wealth inequality therefore unfairly penalises those affected and the society they are a part of is less enriched.”

“The creation of Black British wealth is vital for everyone, from an economic and moral standpoint,” said Revd Professor Keith Magee, Co-Chair, Black Britain and Beyond, Senior Fellow, UCL, and Professor in Social Justice, Newcastle University.

“The volatile impact of the COVID-19 pandemic on the global economy has further highlighted the importance of creating a resilient pathway to economic independence for all people, especially Black Britons.”

“The thing that worries me the most is inequality, both within and across countries. And it’s something that financial markets put aside as a social problem, not really an economic or financial problem. And we’ve risked seeing the issue of inequality gather momentum.” says Mohamed El-Erian, Bloomberg Opinion columnist and Queens’ College President.

This year’s symposium is presented by The Coca-Cola Company, Coca-Cola Europacific Partners and Costa Coffee and hosted by Newcastle University.

The event is designed to explore shifting the narrative for Black Britons, and their allies, in their contribution to
beauty, business and wealth creation.

The four-day hybrid (virtual and in-person) symposium will also feature other world renowned Black Britons: Marcus Ryder MBE, Gina Yashere, Kwame Kwei-Armah OBE, Joseph Harker, Brenda Emmanus OBE and Shaka Hislop, with Americans Cathy Hughes and Cheryl Mayberry McKissack and live performances from Deelee Dube, Josh Daniel, Ebony Rose Dark, The Voices of Virtue and DJ Munro.

For more information and updates about the event, including session schedule, speakers and special guests, visit www.blackbritainbeyond.org.uk and follow @blackbritainbe (Twitter) and @blackbritainbeyond (IG).

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