Since 2012, 62,949 start-up loans worth £489.5 million have been made to business owners, and 39% of those loans went to female entrepreneurs. In response to the Rose review, an industry-led taskforce will look at driving greater investment in female entrepreneurs by finance providers. The Government are also establishing a new investing in women code, through which financial institutions will take steps to improve the allocation of funding to female entrepreneurs.
It is worrying that the Rose review concluded that only one in three active entrepreneurs is a woman, so will the Minister take action to respond to the recommendations of the Rose review so that more women can turn their great business ideas into great businesses?
I thank my right hon. Friend for highlighting that particular finding. It is our ambition to increase the number of female entrepreneurs by half by 2030. The new investing in women code will drive more funding for women and encourage more women to start businesses. Alison Rose is already taking several recommendations forward with the backing of industry. My right hon. Friend the Minister for Women and Equalities is bringing forward the Government’s strategy to address persistent gender economic barriers facing women across the country at every level.
Is the Minister aware that an increasing number of women entrepreneurs are using digital blockchain tools to start and grow their businesses? Will she meet people who can introduce her to blockchain solutions, and will she say something to her colleagues in the Treasury and the Financial Conduct Authority to encourage such use?
I would be very happy to meet women who are using all manner of tools. I met eBay yesterday, and it talked about the work it is doing to encourage women to start their own businesses. It particularly talked about how it is working with retail businesses in Wolverhampton. I am always available to speak about anything that will encourage women in business—in fact, not just women but all people.