Nick Clegg has urged banks to do more to help people from ethnic minorities succeed in business.

At an event hosted by the People Can charity in Brixton on Thursday (November 24), the Deputy Prime Minister said “grave inequalities” still existed in the private sector, and said economic opportunity was “the next frontier for race equality”.

In his speech, which marked 30 years since the Brixton riots, he outlined plans for research partnerships between financial experts and politicians in order to tackle the problem of inequality.

He said: “If all black entrepreneurs and businesses could borrow, compete and grow on equal terms, our whole economy would grow faster. Jobs would be created in every community.

“So now is the moment to unleash black talent, ethnic minority talent, for the good of us all.

“We need to make sure we’re giving every child – irrespective of their background, the skills and confidence to flourish.”

But Streatham MP Chuka Umunna accused Mr Clegg of using “empty words” and being “out of touch” with the needs of modern families.

He said: “Nick Clegg laments poverty in our diverse communities, but he’s kicked away so many of support measures for black and minority ethnic families who want to get the skills to get on and work in business.

“In reality all we have seen is empty words from an out of touch Deputy Prime Minister who lectures others but is exacerbating the challenges faced by all families in UK. He is part of the problem not the solution.”