Rise in working women could boost UK growth, study says
- 4 June 2013
- From the section Business
Increasing the number of women in the workforce would dramatically boost the UK's economic growth, according to a government-backed report.
If women were represented in the same numbers as men in the workforce, GDP growth would be up to 10% higher by 2030, the study claims.
The study, carried out by the Women's Business Council, estimates 2.4m more women want to work, while 1.3m want to boost their hours.
The government set up the body in 2012.
"There is an overwhelming business case for maximising women's contribution to growth," the Women's Business Council says.
It has identified key life stages including early education, parenthood and middle age when intervention could help to lift the number of working women.
It recommends that before women even enter the workplace, businesses and government need to work with schools to broaden girls' education choices and aspirations.
In addition, it suggests more flexibility for working mothers, promoting the benefits of employing older women and offering better support for female entrepreneurs wanting to start their own businesses.
It calculates that two-thirds of women over the age of 50 work in just three sectors: education, health or retail and recommends retraining to enable them to work in other areas.
"By creating opportunity for all, raising aspirations and enabling people to maximise their talents, we will deliver stronger economic growth," said Ruby McGregor-Smith, chair of the Women's Business Council and chief executive of outsourcing firm MITIE.
Sir Roger Carr, president of the CBI employers group, commenting on the report, said maximising women's contribution to the UK's economy was "vital."
The Women's Business Council will produce a second report next year, looking at the progress that has been made on increasing women in the workplace since its recommendations.