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Monday, Oct 14, 2019

Asians add #103 bn to UK economy

A Manchester-based group has said that Asians, who form 4% of the population, add 10% to its economy.

india Updated: Sep 04, 2005 12:16 IST
Press Trust of India
Press Trust of India

British Asians make up just four per cent of the population but contribute £103 billion pounds or ten per cent of the country's economic output, claims a Manchester-based group.

The £103 billion figure was derived by extrapolating research from several sources, including a database of 300,000 Asian professionals, Khalid Darr, Chairman of the Institute of Asian Professionals, said launching its 'power list' of 100 most influential Asians in Britain including NRI industrialist Lord Swraj Paul and steel tycoon Lakshmi Mittal.

"The figures are quite staggering," said Darr. "Many on the list arrived on these shores without a penny to their name and they have built multi-million pound business empires.

"Entrepreneurship, coupled with a wonderful work ethic, fuelled with a desire to better oneself, is a potent force driving the British Asian business community".

He said the power list, which was verified by peer groups, would be updated annually.

Besides businessmen and entrepreneurs the list includes human right activists like Shami Chakrabarti, director of liberty and NRI film producer Gurinder Chadha, whose film 'Bend it like Beckham' has encouraged a generation of young Asians to go into acting.

On the power list are names such as Sir Gulam Noon, who put chilled Indian meals into supermarkets, Prof Amartya Sen, former Master of Trinity College, Cambridge, Baronesses Shreila Flather and Usha Prashar, Shailesh Vara, newly elected British MP, hotelier Joginder Sangar and Indian-born solicitor Sarosh Zaiwalla.

Lord Meghnad Desai, a professor at the London School of Economics, said the Asian contribution, "Could be anywhere between £50 billion pounds and £150 billion."

"Asian professionals earn above average," he said. "Hindu professionals are the richest, Bangladeshi Muslims are the poorest. As a general rule, second-generation professionals earn much more than their parents.

First Published: Sep 04, 2005 00:00 IST

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