An open letter to the Chancellor

Dear Rachel Reeves,

What if the UK economy had £250 billion growth hidden in plain sight?

No cuts, no new taxes, just growth, waiting to be unlocked.

As much as it may seem like a fantasy, that’s not the case. It’s a figure from The Rose Review, which shows exactly how much value could be added if women in the UK started and scaled businesses at the same rate as men, a gap caused by the system, which has long made it harder for women to start, scale, and secure the investment their businesses deserve.

For example, for every £1 of equity investment in the UK, 85p goes to all-male teams, 12p to mixed-gender teams, and less than 3p to all-female founders. This isn’t because women lack ambition or ideas, it’s because of a myriad of systemic barriers from bias in investment decisions to limited access to networks, barriers that you continue to allow to be held up at the cost of growth.

Chancellor, these are not just statistics, it’s a challenge to your government. If Labour is as serious about growth and economic strengthening as you say, then closing this gap must be treated as an economic priority, not a side issue.

Britain simply cannot afford to leave £250bn on the table.

Your government has set the target of increasing the number of female entrepreneurs by half by 2030, the equivalent of 600,000 more founders. The Investing in Women Code is one step forward: more than 200 organisations have signed allowing data on female led applications to be collected, and the data is finally being published. But I’ve looked through the latest report, and while there are some nice sentiments, there is little evidence of any concrete action to close the gap. Simply acknowledging there is a problem will not solve it, action will.

This supposed ambition must be matched with actual intervention on your end. That means:

• Introducing tax incentives for investors who back women-led firms
• Requiring gender reporting and accountability from all signatories not just voluntarily
• Setting up co-investment funds where government matches private capital for female founders
• Ensuring greater diversity on investment committees where these decisions are really made before they even enter the room
• Supporting investment-readiness programmes, so women can access not just funding, but the tools to succeed once they secure it

These measures go beyond simple fairness, they are about fuelling the economy and creating jobs, something Britain so desperately needs right now. For too long, our growth has stalled. It’s painfully obvious to anyone paying attention: it’s time to unlock Britain’s potential.

With momentum building and more women than ever starting businesses, awareness of the funding gap is rising, and investors are beginning to respond. At Think Partners, we help female founders harness this shift, refining their story, building confidence with investors and making sure they are ready to secure the capital that is increasingly within reach. With government backing alongside private commitment, now is the time to turn potential into lasting growth.

Rachel Reeves, the policy tools are on the table, the evidence is clear, and the cost of inaction on your side is real. It’s time for Labour to stop talking about this so-called “ambition” and start delivering actual growth.

Sincerely,

Think Partners

Supporting women founders to unlock Britain’s growth