25 Jun 2019
Alison Rose, CEO of Commercial and Private Banking at NatWest, has conducted a review, backed by the government, into obstacles facing female entrepreneurs, after independent research showed women face too many barriers to setting up their own business.
The objective of the Rose Review is to tap the huge unearthed economic potential of female entrepreneurs, by making the UK one of the best countries in the world for women to start a new business – potentially adding £250 billion to the UK economy.
The UK is already the start-up capital of Europe, yet only 1 in 3 UK entrepreneurs are female. In comparison with 15% of women in Canada and almost 11% of women in the US, just 5.6% of UK women run their own companies.
The review also found that women are considerably under-represented in the most productive sectors, with less than one in four female entrepreneurs in sectors such as transport and IT.
Key to improving UK productivity is to ensure that women have access to the advice and support they need to develop their entrepreneurial skills and supporting women who wish to grow their companies. The UK has the second-lowest productivity among G-7 countries, falling behind Germany and the US.
Alison Rose says: “Business has a big part to play in making the UK the best place to start and scale a business, regardless of gender. It’s clear that tailored support from specialists who understand the different challenges that female business owners face, as well as the way they think and run their business, makes a real difference to success rates.
“We need the creativity and innovation that comes from diversity to keep up with the rapidly changing world around us. The goal of this report is to help build a stronger, more productive economy by making the UK the best country in the world for women to start and grow new businesses.”
The Chamber’s Business start-up team is on hand to provide impartial help and advice to anyone thinking of starting a new business. We will help you to develop your ideas into a viable business plan and guide your next steps. We will work with you every step of the way, providing advice, support, and a listening ear.