A £250 million fund aimed at boosting women in business, supported by Chancellor Rachel Reeves, has been mostly snubbed by City institutions, with only a few, including Barclays and Morgan Stanley, pledging support. The Invest in Women Taskforce aims to address the lack of funding for female founders, who currently attract less than 2% of venture capital funding. The taskforce is calling on more banks and investors to join the initiative to make the UK the best place in the world for female entrepreneurs. In other news, Addison Lee has been sold for £269 million, Starbucks plans to update its menu and prices, and Lloyds warns of the need for a stable tax regime in the upcoming Budget. McDonald’s faces a decrease in value due to an E.Coli outbreak, while M&S expresses concerns about potential tax hikes impacting job creation. Frasers Group drops a £111 million bid for Mulberry, Barratt and Redrow are cutting 800 jobs post-merger, and the stock market sees declines for major companies such as Barclays and BP.
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The article highlights the lack of support from City institutions for a £250 million fund set up to boost women in business. Despite the efforts of Chancellor Rachel Reeves and the Invest in Women Taskforce, major financial institutions such as NatWest, HSBC, Bank of America, and Legal and General have declined to pledge support. This lack of commitment is concerning given the research showing the disparities in venture capital funding for female founders. The Taskforce, cochaired by Barclays’ head of business banking and an entrepreneur, aims to address these gaps and promote women’s entrepreneurship for the benefit of the economy.
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