By Jessica Frank-Keyes
Investing in women at the same rate as men could create £250bn in new value for the UK economy, Harriett Baldwin is set to say.
The former City minister and now chair of the Treasury select committee will tell the WVC:E summit that inequality between investment in men and women is unacceptable.
Baldwin is expected to say today: “According to one estimate we were given, £250bn of new value could be added to the UK economy if women were invested in at the same rate as men. That is the equivalent of one million new small or medium-sized businesses.”
It comes as the Treasury Committee is conducting its Sexism in the City inquiry on progress in tackling issues of sexism in workplace culture in the finance industry since 2018.
The former JP Morgan Chase banker will tell attendees in Paris that “seeing this many female entrepreneurs and investment professionals gathered in one place is still too rare”.
And she will stress the need for a representative venture capital industry, which can “spot opportunities where others may miss them”.
Baldwin is also expected to highlight “shocking” statistics which show every that for every one pound of equity investment in the UK in 2021, all-female founder teams received just 2p.
In 2019, under two per cent of venture funding went to black and ethnic minority-led firms.
“The best ideas, most viable businesses and most deserving causes are not always those of white male entrepreneurs,” Baldwin will say.
“This isn’t just about representation. It matters for our economy.”
