Rachel Reeves, the UK’s first female Chancellor of the Exchequer, has unveiled a significant initiative aimed at supporting female entrepreneurs through the creation of the Invest in Women Taskforce. This new taskforce, a successor to the Rose Review, aims to establish one of the world’s largest investment funding pools dedicated exclusively to female founders, with a target of raising over £250 million.
The announcement comes as part of a broader government effort to enhance economic opportunities for women and address the gender disparity in business ownership. Currently, women constitute more than 50% of the UK population but only account for 21% of business owners. The Invest in Women Taskforce seeks to change this by increasing access to capital for female-led enterprises, which have historically received less investment compared to their male counterparts.
To celebrate this initiative and highlight the achievements of female business leaders, Chancellor Reeves is hosting a reception at No. 11 Downing Street this evening. The event, organised in partnership with the women’s rights charity Fawcett Society, will bring together leading female figures from sectors including financial services, technology, and the creative industries. During the reception, Reeves will outline her agenda for advancing women’s economic opportunities, focusing on closing the gender pay gap, improving workplace rights, and investing in childcare.
Reeves expressed her commitment to the cause, stating, “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. 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.”
The Invest in Women Taskforce builds on the findings of the Rose Review, which identified that a £250 billion boost could be added to the UK economy if female entrepreneurs started and scaled their businesses at the same rate as men. The taskforce will play a crucial role in addressing this gap by providing substantial funding and support to female-founded businesses.
Recent data from the Department for Business and Trade highlights the impact of the government’s Investing in Women Code, which encourages venture capital fund managers to invest in female founders. The latest report reveals that signatories of the Code are more likely to invest in female-led companies, with 32% of their deals going to female founders last year, compared to the market average of 28%. This marks the fourth consecutive year that Code signatories have outperformed the broader market.
The Investing in Women Code, launched in 2019, was a response to the Rose Review’s finding that funding disparities were a major barrier to scaling female-led businesses. The Code has garnered support from major finance providers, including the British Business Bank, British Private Equity & Venture Capital Association (BVCA), and UK Business Angels Association (UKBAA).
Looking ahead, the Chancellor is also working to ensure strong female representation at the forthcoming International Investment Summit, scheduled for next month.
The Invest in Women Taskforce represents a significant step towards enhancing gender equality in business and providing the necessary resources to support the growth of female entrepreneurs across the UK.
