International Women's Day: Portsmouth South MP Stephen Morgan asks government to back plans to support women in business

In departmental questions to the Women and Equalities Minister, the city MP highlighted that new businesses are almost three times as likely to be started by men as by women, and less than 5 per cent of venture funding currently goes to female founders.

Mr Morgan asked if the minister agrees with Labour’s plan to work with the British Business Bank to support female and ethnic minority founders to fulfil their ambitions and grow their businesses.

A Labour government would give the British Business Bank greater independence to invest in fast-growing companies and introduce a New Deal for Working People to open up and improve workplaces for women.

The New Deal, announced by deputy leader Angela Rayner, will introduce a raft of reforms to transform women’s working lives, including banning zero-hour contracts and fire and rehire, ensuring all working women are afforded the same basic rights, including sick pay, holiday pay, maternity pay and leave, protection against unfair dismissal and sexual harassment, and many more.

Mr Morgan said: ‘It’s shocking that in 2023 new businesses are almost three times as likely to be started by men as by women, and less than 5 per cent of venture funding goes to female founders.

‘More needs to be done to inspire more female entrepreneurs like those I meet regularly in Portsmouth whose creativity and ambition are inspiring to so many.

‘Labour’s New Deal for Working People would support female founders fulfil their ambitions by putting women at the heart of our economic recovery.’