Source · Select Committees · Women and Equalities Committee
Recommendation 10
10
Rejected
Government Industrial and SME Strategies failed to include specific support for female-led businesses.
Conclusion
The Industrial Strategy and SME Strategy were ideal opportunities for the Government to launch the systemic change required to unlock the enormous potential that female-led businesses can offer. It is deeply disappointing that neither strategy contained any specific measures to support female-led businesses. (Conclusion, Paragraph 54)
Government Response Summary
The government rejects the conclusion, stating that women-led businesses are central to the economy and their interests are embedded into mainstream policies and existing strategies. They emphasize that women were included in the SME Strategy through policies for under-represented entrepreneurs and the British Business Bank’s Strategic Plan.
Government Response
Rejected
HM Government
Rejected
Women are central to unlocking growth for the UK economy and Ministers welcome the Committee’s ambition to amplify this further. That is why this Government is proud that several Ministers, including the Chancellor, are strong champions for women-led businesses. We believe this collective commitment is stronger than appointing a singular Minister and creating a separate strategy, as women-led businesses should be embedded in everyone’s agenda and their interests should be integrated into mainstream policies rather than being seen as distinct from the wider economy. We agree with the Committee that supporting women-led businesses is complementary to the Industrial and SME Strategies and we are working collaboratively across government on this basis. It should be noted that women were included in the SME Strategy through policies to back under-represented entrepreneurs as well as the recently published British Business Bank’s Strategic Plan to unlock potential across people and places. For example, we will back more businesses and investors from under-represented backgrounds through the new British Business Bank £400m Investor Pathways scheme, expanding support to diverse angel networks through new Angel Syndicate Support and Embracing Diversity programmes, and by supporting the Invest in Women Taskforce and other initiatives. Backing women and other overlooked entrepreneurs is at the heart of the Government’s economic strategy. Our greatest successes have come from an action-based approach to supporting women-led businesses through collaboration with industry leaders, including through the £635 million funding pot raised by the Invest in Women Taskforce, the largest such fund in the world. We will continue to work across departments, with the British Business Bank, and industry in our mission to unlock the untapped potential of overlooked entrepreneurs. This includes aligning the Industrial Strategy, SME Strategy, and future policies to ensure that women business leaders are fully recognised and supported.