Access to Venture Capital: Women

5. What discussions she has had with Cabinet colleagues on access to venture capital for women.

A £250 billion boost could be added to the UK economy if women were given the same opportunity as men to start and scale their business. That is why it is a priority for this Government to increase access to capital for women-led businesses, and to continue to work, as the Chancellor has also outlined, with the Women’s Business Council and the invest in women taskforce, and on supporting the FTSE Women Leaders programme. We have backed the invest in women taskforce, which launched an initial £255 million fund, and there is a £50 million commitment from the British Business Bank to investment via female investors in women-led businesses.

For every £1 of equity funding, only 2p goes to fully female-funded business—a figure that has barely shifted in recent years. Closing that gap could unlock up to £250 billion for the UK economy. Will the Minister outline what further steps the Department will take in collaboration with the Treasury and the Department for Business and Trade to address that persistent inequality and support female entrepreneurs in scaling their businesses?

My hon. Friend is right; for too long, innovative women-led start-ups have been held back due to a lack of finance, with the proportion of equity capital investment going to all female-founded firms stuck at around 2% in the UK for the last decade. Alongside the invest in women taskforce, the Department for Business and Trade is leading on the investing in women code, and working with finance providers to increase access to finance, resources and networks for women-led businesses. I want to see us use the talents of all business leaders to support female entrepreneurs, which is right not just for women but for the whole economy.

In my constituency of Strangford, many women have started their own businesses, but there has been a problem in getting access to the finance to make that happen. Venture capital will make that happen. To ensure that ladies and women have the same opportunities as men—just because they are a different sex, does not mean that they are any less able to do the job—will the Minister ensure that venture capital will be available in Northern Ireland, for ladies and women in Strangford and in Northern Ireland?

The funding will be available to women-led businesses in the hon. Gentleman’s constituency. It is right that we continue to support the work of the Women’s Business Council and others, and look at all we can do to support women in businesses, and those who are coming forward to start their own enterprises.