A former deputy mayor of London has told Ealing business leaders that entrepreneurs remain central to the UK economy, as he shared his own journey from arriving in the capital with £200 to building a successful company.
Rajesh Agrawal was speaking at an Ealing Business Club meeting held last month (26 March 2026) at The Pillars Restaurant in the University of West London, where he addressed an audience of over 100 local entrepreneurs and business owners.
Opening his talk, Mr Agrawal praised the role of small businesses in driving economic activity. He said: “You are the wealth creators. You are the ones who make our economy tick and you are the ones who fund our public services.”
He then reflected on his early life in India and his move to the UK in his twenties and revealed: “I landed at Heathrow with £200 in my pocket, had never been on a plane before and didn’t know anybody here.”
After working in IT support, he went on to establish RationalFX, an international payments business, describing the challenges of getting started.
Recalling an early setback, Mr Agrawal described how a bank refused him a £10,000 loan to launch his business. He said: “Two days later, I went back to the same bank and said I was thinking of buying a car, and they offered me £20,000.” He added that he used the money to start his company instead, highlighting what he saw as a disconnect in lending to entrepreneurs.
He added: “We are lucky in this country — setting up a business is easy, but to scale it and grow it is very hard.”
Drawing on his experience in both the private and public sectors, Mr Agrawal spoke about the differences between running a business and working in government. He suggested that bureaucracy can sometimes limit the pace of change, while acknowledging that some oversight is necessary.
During his eight years at City Hall, he said London secured around £50bn in international investment and saw the creation of more than 600,000 jobs. He also highlighted the rapid expansion of the capital’s technology sector, with the number of companies valued at over $1bn rising from single figures to more than 100.
Mr Agrawal argued that London continues to perform strongly across sectors including finance, technology, life sciences and the creative industries, and said the capital remains well positioned globally despite ongoing economic challenges.
He encouraged businesses to take advantage of emerging technologies and support networks, warning against reluctance to adapt. Mr Agrawal said: “You may have the best product or service in the world, but there is no point if nobody knows about it.”
He also emphasised the importance of building strong teams and seeking support when needed, noting that a range of programmes and organisations exist to help businesses grow.
Concluding his remarks, he urged entrepreneurs to remain optimistic in the face of uncertainty. Mr Agrawal said: “Wherever you see obstacles, you know that there is an opportunity.”
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