Foreign-born entrepreneurs and workers are behind the creation of one in seven UK firms, a report by the Centre for Entrepreneurs think-tank and financial tech firm DueDil, says.
Statistics show that migrant workers are far more likely to be employed, at 63.3%, than their UK equivalents, as the number for UK-born citizens in employment is 56.2%. Migrant workers are also more likely to be economically active, at 69.8% compared to 63% for UK citizens.
The director of the Centre, Matt Smith, said that the contribution of migrants to the UK economy is “breath-taking.” Moreover, according to the report, 17.2% of foreign entrepreneurs have started their own businesses, in contrast to 10.4% for UK-born individuals. Also, when it comes to age, migrant entrepreneurs are an average of eight years younger than their UK counterparts – at 44.3 years old, compared to 52.1. In addition, migrant workers have founded or co-founded approximately 14.5% of Britain’s nearly 3.2 million active companies. They have also created more than one million jobs in Britain.
Smith added that considering the evidence, it is now up to the government to continue its commitment to maintaining “pro-entrepreneurship immigration policies.” Similarly, DueDil founder and CEO Damien Kimmelman said that the report shows migrant entrepreneurs to be “hyper-productive” contributors to the economy.
The report also found that public opinion is positive regarding the new trend, and nearly 44% of the population believes that migrant entrepreneurs are beneficial for the UK’s economy. What’s more, around 50% back the government’s decision to attract foreign-born entrepreneurs.
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