We Need to Get Serious About Social Mobility

Yet one of the most powerful routes to improving life outcomes is entrepreneurship, acting as an incredible engine for economic growth and a vital pathway to opportunity.

Yet for too many people, that pathway remains out of reach. Today, 14.3 million people are living in poverty across the UK, and it does not hit society equally. Two-thirds of adults living in poverty are women, and 45% of single mums live in poverty. You are 10% more likely to live in poverty if you are Disabled, and you are much more likely to live in poverty if you are a child in the UK in 2026. Sadly, our economic system is currently designed to help people with existing assets grow their wealth, rather than to help those trying to build something from the ground up, making it unavailable to many in this group.

The result is that where you come from still has a disproportionate impact on where you can get to. That link remains far too strong in the UK, putting us behind our G7 peers. If we are serious about social mobility, inclusive growth and building a thriving entrepreneurial economy, we must do more to break this link.

Findings from the Government-backed Maple Review, supported by Xero, which has spent the past year examining the experiences of entrepreneurs from disadvantaged backgrounds, show that our communities are filled with talent and ambition. However, the same cannot be said for opportunities.

Too many aspiring business owners face barriers long before they even start. They may never have had role models and may lack access to finance, financial skills, business networks, peer support networks, or practical business education. Many face significant risks without the financial safety nets others can rely on.

Our research found that nearly two-thirds of founders from disadvantaged backgrounds had no personal savings to invest in a business, while half did not know how to access finance and 47% struggled to access start-up loans or grants. Yet again and again, we heard that relatively small amounts of funding could make the difference between an idea remaining an idea and becoming a viable business.

If we want entrepreneurship to become a genuine route to social mobility, we need to make it more accessible from an early age. Along with recent Government data showing that one million young people are currently not in employment, education, or training, every young person must leave school confident that starting a business is a viable career option.

They should have access to entrepreneurial skills, role models, and practical business education, regardless of where they grow up. And it is our job as a society to make sure that this reaches every young person, everywhere.

Britain has no shortage of entrepreneurial talent. What we have is an opportunity gap. Closing it will not only transform individual lives but also strengthen our economy, create jobs, and unlock growth in every part of the UK.

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Michelle Ovens CBE is the CEO and Founder of Small Business Britain.

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