"What role do Equality and Diversity have in the workplace?" How should I answer this interview question

I've been to an interview with this company (a University) before for a different role and was a bit stumped when they asked me this question. I didn't really know how to answer it without sounding cliched.

I went on about how having a diverse workforce meant a larger pool of experiences and backgrounds at the employer's disposal. By the end of it, I was rambling on and left me with the feeling of being pretty useless.

I've asked a couple of friends and they all gave various vague answers. How would anyone else go about answering this question? Is it quite common?

edit: pressed post button too quickly
edit 2: I'm from the UK if that matters.

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