Banks will be compelled to publish regular updates on how much they invest in businesses run by women as part of a series of new measures to help female entrepreneurs, in a victory for The Telegraph’s Women Mean Business campaign.
The Treasury on Friday launches its Investing in Women Code, which will force financial institutions that sign up to commit to distributing funding with gender balance in mind.
Lloyds, RBS and UK Finance, the banking trade body, have already committed to the code, which will require annual updates on progress.
The gender funding gap – the difference in capital raised by women when starting a business compared with men – means there are one million fewer women entrepreneurs in the UK than there could be, according to a Treasury-commissioned report published on Friday.
It says that if the gap continues, it will cost the economy £250 billion over the next decade.