Oral Answers to Questions

Caroline Dinenage Excerpts

Wednesday 13th July 2022 Commons Chamber

[Alan Mak]

As part of our cost of living support package, we have introduced a very specific disability cost of living payment, worth £150 per person. I would add that in the spending review, the UK Government gave the Scottish Government £41 billion a year as part of its settlement: the biggest since devolution, and a 26% increase compared with the average across the UK.

[Dame Caroline Dinenage (Gosport) (Con)]

5. What steps she is taking with Cabinet colleagues to help support female entrepreneurs.

[The Minister of State, Department for Work and Pensions (Chloe Smith)]

We set up a taskforce on women-led high growth enterprise, which met for the first time this month. It will use its convening power to influence high growth investors and the business community, and to raise aspiration of the next generation of female entrepreneurs right across the country.

[Dame Caroline Dinenage]

I thank the Minister for that answer, but the fact is that if women were starting and scaling businesses at the same rate as men it would add a staggering £250 billion to the UK economy. We need to turbocharge the investment and support we are giving to female entrepreneurship. What thought has been given to pivoting some of the existing financial packages, such as the enterprise investment scheme, to better support women-led enterprises?

[Chloe Smith]

The enterprise investment scheme has specific objectives. It is designed to encourage investment in higher risk early stage companies. However, the Government are committed to supporting women entrepreneurs in a range of ways, as highlighted by the implementation of recommendations from the Rose review. I would be happy to ask a colleague of mine to discuss the issue further with my right hon. Friend.