Major fund to boost women in business snubbed by big banks despite Chancellor Rachel Reeves calls for greater support

A £250MILLION fund set up to boost women in business and backed by the Chancellor Rachel Reeves has been snubbed by City institutions.

Only Barclays, asset manager M&G, bank Morgan Stanley, Visa and the British Business Bank have so far pledged support.

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Among those to say “No” to the Invest in Women Taskforce are NatWest, HSBC, Bank of America and Legal and General.

Aviva, which is headed by Amanda Blanc, is yet to commit, it is believed.

It follows research showing female founders attract under 2% of venture capital funding which is often key to get firms growing.

The Taskforce, cochaired by Barclays’ head of business banking Hannah Bernard and Brit entrepreneur Debbie Wosskow, was set up by the last government.

Reeves backs it and says the economy could be boosted by £250billion if women were able to start and scale businesses at the same rate as men.

She is facing calls to get pension funds to direct assets into femaleled companies and has been warned that rises to capital gains tax will blunt female entrepreneurs’ ambitions.

Emma Jones, of business-to-business service Enterprise Nation, said: “If the end game is no longer the prospect it once was, women may not see entrepreneurship as a career path.

“That would be a massive loss to the economy.”

Ms Wosskow said: “We are set on our mission of making the UK the best place in the world to be a female entrepreneur.

“We urge as many banks and investors as possible to join us.

“Everyone agrees that it is important that the industry comes together to solve this issue.”

ADDISON LEE SOLD FOR £269M

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THE UK’s biggest minicab operator, Addison Lee, has been sold by its founder’s son to a Singaporean taxi firm.

Cityfleet Networks, owned by Singapore’s Comfortdelgro, paid £269million.

The business has been sold by shareholders Cheyne Capital and Liam Griffin, son of founder John Griffin, who took back control of the business in 2020 to steer the firm through the pandemic.

Multi-millionaire John, who left school without qualifications, started the business with one car in 1975.

Liam last year attacked previous private equity owners, Carlye, for “making a hash” of plans to expand Addison Lee across regional cities. He said ComfortDelGro “share our philosophy, vision and ambition”.

Addison Lee transports around seven million people across the capital each year and has 7,500 drivers.

A LATTE TO PAY

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Starbucks has promised to shake up its menu and prices after customers became sick of its pricey pumpkin spice lattes.

The cafe giant, backed by celebrities such as singer Ed Sheeran, above, suffered a sales slump forcing it to scrap profit guidance for the year.

Starbucks said that global sales fell by seven per cent in the last three months as customers balked at the price of its drinks and the time it takes to queue at busy stores.

New boss Brian Niccol said the business would “simplify our overly complex menu, fix our pricing architecture and ensure that every customer feels Starbucks is worth it every single time they visit”.

It came as Coca-Cola yesterday reported a 1% sales slump.

LLOYDS BUDGET STABILITY ALERT

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LLOYDS, the UK’s biggest mortgage lender, has warned banks need a “competitive, stable” tax regime amid reports the Chancellor is planning a Budget tax raid.

Finance chief William Chalmers yesterday said the bank would welcome a Budget that promoted a “pro-growth agenda” and highlighted that Lloyds is already one of the UK’s biggest taxpayers.

He added: “It is also important to have a competitive, stable tax regime to encourage investment and lending.”

Lloyds made £1.8billion in profits in the third quarter of 2024, 2% lower than last year.

McD’S IN PICKLE

MORE than £10billion has been wiped off the value of McDonald’s after its quarter pounders were blamed for a deadly E.Coli outbreak.

The fast-food giant has been implicated in 49 cases in the US, which has resulted in 10 hospitalisations and one death.

Shares in the firm fell by as much as 15% in two days after the US Centers for Disease Control confirmed a link to its onions.

Charu Chanana, chief investment strategist at SAXO, said: “McDonald’s revenues and earnings could face pressure.”

M IN TAX FEAR

MARKS & SPENCER boss Stuart Machin says firms will find it harder to create jobs if, as reported, employers’ national insurance contributions rise in the Budget.

Mr Machin said any jump, when coupled with other taxes that hit retailers, such as fuel duty, would increase the difficulty.

He said: “This Government was elected to promote a growth agenda, but what I’ve seen and heard so far doesn’t add up to a coherent growth narrative.”

Marks & Spencer has around 65,000 staff.

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A £111MILLION bid for luxury handbag maker Mulberry has been dropped by Mike Ashley‘s Frasers Group. The decision comes one day after Mulberry said the offer was “untenable” without the backing of biggest shareholder Christina Ong.

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BUILDERS AXE JOBS

HOUSEBUILDERS Barratt and Redrow are cutting 800 jobs just weeks after completing their £2.5billion merger.

The enlarged company said it was looking to make £90million of cost savings from efficiencies.

Staff affected will be in senior management, back office and central support roles, rather than development or sales.

The industry is already grappling with a shortage of construction workers.