Chancellor: “Everyone can do something for women’s equality”
Rachel Reeves leads government backing of the Invest in Women Taskforce, which aims to create one of the world’s largest investment funding pools aimed solely at female founders.
- 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. |
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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.