In a move aimed at promoting gender equality in business, UK Prime Minister Rishi Sunak has announced a series of initiatives to support female founders and help more women start successful businesses. Addressing business leaders in Coventry, Mr. Sunak said the government is determined to make the UK the most female founder-friendly nation globally by removing barriers and boosting access to funding and resources.
Key among the new measures is the launch of the ‘Invest in Women’ taskforce, led by banking executive Hannah Bernard and serial entrepreneur Debbie Wosskow. This dedicated panel will raise a dedicated female investment fund to directly address the enormous funding gap – currently only 2% of equity investment goes to female founders despite their contributions. By tapping into private capital, the taskforce aims to empower hundreds of women-led startups with the financial means to thrive.
In addition, the PM promised to reduce red tape through lower taxes and simplifying paperwork requirements that tend to impact small businesses run by women. Apprenticeships will also receive a major boost, with the taxpayer footing the entire cost of training for under-21s at small companies. This is expected to create as many as 20,000 new apprenticeship roles nationwide and help young women gain valuable workplace skills.
These initiatives form part of the government’s strategy of unleashing the entrepreneurial spirit across society. As Barclays executive and taskforce co-chair Hannah Bernard noted, female entrepreneurs still face disproportionately higher challenges securing funding and support to get their ventures off the ground. The Prime Minister’s goal is for the UK to now become a beacon of empowerment where all talented individuals can equally pursue their business dreams and contribute to economic growth.