Women-led companies contribute £3.51bn to UK economy

Thursday 16 March 2017

Women-led businesses contributed £3.51 billion to the UK economy in 2015, while creating 77,000 jobs, new figures show. 

The research from the Royal Bank of Scotland also showed that female leaders pumped £268 million into the economy north of the border, highlighting the positive impact of the companies in several areas of Britain. 

However, while the overall percentage of women starting a business almost doubled from 3.7 per cent to 7.1 per cent between 2009 and 2012, this has since fallen and stood at lower than five per cent in 2015.

The capital is the most popular location for business start-ups, with 33,200 new businesses introduced by women in 2015. Elsewhere, Manchester (5,200), Birmingham (5,100), Glasgow (1,900) and Edinburgh (1,400) all proved to be popular areas for entrepreneurship.

If the UK had managed to sustain the growth in female entrepreneurship seen in 2012 and reached the levels seen in Canada, it would have brought an extra £1.5 billion to the economy. 

Alison Rose, chief executive of Royal Bank of Scotland Corporate, Commercial and Private Banking, said: “We know entrepreneurs are vital to the economy and it’s fantastic to see just how much women contribute, but it’s clear we need to do more to power this growth in the same way our global counterparts do.”

Ms Rose went on to say that numerous roles have been created in the bank that are devoted to offering support for women who wish to succeed in the business world. 

She added that assistance should not solely relate to the start-up process, as help is available across all of the business life stages. 

Caroline Walsh is a female entrepreneur who entered the industry with the help of the Royal Bank of Scotland in 2015. 

Ms Walsh explained that it was “always a dream” to open up her own bakery and that launching a company requires more than just business skills and financial support. 

Although moving into the freelance world can be daunting, professionals will be joining a highly supportive community of likeminded individuals. 

Those concerned by the admin involved in contracting would benefit greatly from speaking to a specialist freelancer and contractor accountant such as Brookson as they can run through your working options and provide you with a better understanding of your earnings. Specialist accountants will also offer fantastic guidance on running your own Limited Company, helping you to settle into your new career.

By Victoria McDonnell

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