Press release: Chancellor: “Everyone can do something for women’s equality”
Celebration of female business leaders’ contributions to the economy
at a reception in No. 11 Downing Street, where Chancellor Reeves will
set out her agenda for women in the economy
New data shows that
venture capital fund managers who have signed up to the government’s
Investing in Women Code are more likely to invest in female
founders
Female business founders to get the Chancellor’s
backing as Rachel Reeves puts her weight behind the Invest in Women
Taskforce – which aims to create one of the world’s largest investment
funding pools for female founders – as she pushes forwards the
government’s mission to grow the economy.
The Invest in Women
Taskforce is the successor to the Rose Review, an independent review
of female entrepreneurship which found that a £250 billion boost could
be added to the UK economy if women started and scaled their
businesses at the same rate as men.
Support for women and
their contribution to the economy is a personal priority for Reeves as
Britain’s first female Chancellor. The core aim of the Taskforce is to
establish a funding pool of more than £250 million for female-founded
businesses through private capital, making it one of the world’s
largest investment funding pools aimed solely at female founders. As
well as backing the Invest in Women Taskforce, the Chancellor will
take an active role in steering its priorities and objectives as well
as attending Taskforce meetings and events.
To mark this and
celebrate the key role played by female business leaders in all parts
of the economy, on International Equal Pay Day, the Chancellor – in
partnership with women’s rights charity the Fawcett Society – is
hosting a reception in No. 11 Downing Street this evening.
At
the evening reception, Chancellor Reeves will convene a group of
female business leaders from across Britain’s foremost growth
industries, such as financial services and technology as well as the
creative sector.
She will set out their importance to the
government’s number one priority mission for growth and champion their
part in its delivery. She also will set out her agenda for women in
the economy, vowing to improve the economic opportunities available to
women and close the gender pay gap once and for all. That includes
strengthening rights at work and investing in childcare.
Rachel Reeves, Chancellor of the Exchequer, said:
It is
a huge responsibility to sit in the Treasury as the first female
Chancellor of the Exchequer and be able to use my position to improve
life for women across the UK – one that I don’t take
lightly.
That includes ending the gender pay gap, strengthening
rights at work and investing in childcare. And by backing the Invest
in Women Taskforce we can establish one of the world’s largest
dedicated investment funding pools for female-powered businesses,
helping grow our economy.
This event gathers together some very
powerful women but the truth is, everyone can do something for women’s
equality – whether that’s supporting the women and girls in their
lives with their ambitions or making their workplace a fairer playing
field.
With 5. 5 million businesses driving the UK economy,
entrepreneurship is the lifeblood of the UK’s economic growth. While
women make up over 50% of the population, they represent only 21% of
business owners, with less than 6% of active equity backed companies
founded by women. The Invest in Women Taskforce, alongside other
government initiatives including the Women in Finance Charter which
encourages female representation in financial services, aims to change
this.
The event comes ahead of the International Investment
Summit next month, at which the Chancellor is working to ensure there
is strong female representation both in terms of agenda and
attendance.
The Department for Business and Trade has also
published its annual Investing in Women Code report today, which finds
that venture capital fund managers who have signed up to the Code are
more likely to invest in female founders.
The report also
shows that the 250 signatories of the Code are leading the way in
addressing the finance gap between male and female entrepreneurs. 32%
of all venture capital deals made by Investing in Women Code
signatories were in female-founded companies last year, compared to
the market average of 28%, revealed in the latest report published
today. This is the fourth year in a row that Code signatories have
outperformed the wider market.
The Investing in Women Code was
founded in 2019 as a landmark government-led initiative in response to
the Rose Review’s findings that a lack of funding was one of the most
significant barriers to women seeking to effectively scale a business.
It is a commitment from finance providers to female founders, with
signatories now including the British Business Bank, British Private
Equity & Venture Capital Association (BVCA), UK Business Angels
Association (UKBAA), UK Finance, and Responsible Finance. Investing in
Women Code signatories account for 40% of UK Business Angels
Association angel investment groups and 47% of venture capital
deals.
HMT Press Office
020 7270 5238
pressoffice@hmtreasury. gov. uk Notes to editors
The
Fourth Annual Report can be found online here: https://www. gov.
uk/government/publications/investing-in-women-code-annual-report-2024
Code Partners are responsible for managing data collection and
reporting, on behalf of government.
The Code commits
signatories to:
Adopt best practices to improve female
entrepreneurs’ access to finance needed to start and grow successful
businesses
Nominate a member of the senior leadership team
responsible for supporting equality in all interactions with
entrepreneurs
Provide annual funding data disaggregated by
gender to DBT, based on agreed guidelines. Providing data and analysis
helps to promote greater transparency across the industry,
highlighting where measures are working and where further measures may
be needed.
Annex: additional quotes
Debbie Wosskow,
multi-exit entrepreneur and Co-Chair of the Invest in Women Taskforce,
said:
I am filled with optimism at this historic moment. The
first female Chancellor, who has vowed to put women at the heart of
economic plans and recognises the significant contribution they can
make to the UK economy. It’s time to address structural drivers of
inequality to allow women to embrace entrepreneurship, and for female
investors to back them.
Hannah Bernard, Head of Business
Banking at Barclays and Co-Chair of the Invest in Women Taskforce,
said:
We want to make the UK the best place in the world to be
a female entrepreneur, and doing that with the Chancellor by our side
is an incredible opportunity to challenge the status quo. For
effective change, we need to enable a new era of public and private
sector collaboration, and that’s what the Taskforce is doing to unlock
the value of female-powered businesses.
Jemima Olchawski, CEO
of the Fawcett Society, said:
Male dominance of positions of
power remains strong and if we want change, we must work to make it
happen. We need a focus on making work more flexible, improving access
to affordable childcare and policy interventions to remove the
barriers to women’s progression – and we mean all women. As it stands,
there is an alarming lack of Black and minoritised women in the top
tiers of many sectors and this must be addressed. I am delighted to
co-host this event and to support our government in its commitment to
ensuring women can thrive and contribute fully to the economy. We all
must be a part of this change.
Gareth Thomas, Minister for
Services, Small Businesses and Exports, said:
We’re clear that
no one should be hindered in their ambitions to start and grow a
business, and initiatives like the Invest in Women Taskforce and our
code will ensure just that.
Our central pillar is focussing on
going for growth, and only when more women are given the tools needed
to thrive in business, will we grow the economy as a
whole.
Amanda Blanc DBE, Group CEO of Aviva and HMT Women in
Finance Champion, said:
Now is the time to unlock the huge
potential of female entrepreneurs. This will create more jobs, drive
growth and encourage the next generation of female led businesses to
emerge. I wholeheartedly back this crucial agenda.
Michelle
Ovens CBE, founder of Small Business Britain, said:
Female
entrepreneurs are ambitious and optimistic about the future, but they
need our support to succeed, which is why I am extremely encouraged by
the Chancellor’s backing of the Invest in Women Taskforce. This
demonstrates a real understanding of what female entrepreneurs need to
succeed, and how much of an impact they can have on the whole UK
economy. With funding opportunities, training programmes, and
community support, women will be able to capitalise on their
incredible potential, and we can help drive significant growth in the
number of female entrepreneurs in the UK.