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Scotland’s economy could be boosted if more women joined the contracting community

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Scotland is calling for more female contractors, as they could very well help to boost Scotland’s economy, says the new women’s employment secretary.

According to the women’s employment secretary, Angela Constance, Scotland’s economy could be boosted by as much as £7.6 billion, if the number of female entrepreneurs matched the men who already have a business set up.

Ms Constance has said that the number of women starting up their own small to medium businesses, such as a Limited company, is ‘disproportionately low’, with females accounting for less than a third of all self-employed professionals in Scotland.

Ms Constance believes that if these figures were to rise, the economy could be boosted by as much as five per cent.

She told an audience at the Women’s Business and Enterprise Conference in Edinburgh, “We must not lose sight of the fact that a disproportionately low number of small to medium sized-enterprises are female-led and that less than a third of self-employed people are women.

“Work from the Hunter Centre (for Entrepreneurship) indicates that if women’s participation rates matched men’s, it could also boost the economy by as much as 5% – a difference of £7.6bn.”

“Recent labour market figures have shown a real boost for women in employment.  If we can match those gains in entrepreneurship, both Scotland’s economic growth and its equality in employment will take significant strides forward.”

A report released at the end of last year made a similar point, showing that female entrepreneurs could increase economic growth.

The CIPD’s (Chartered Institute of Personnel and Development) ‘Inspiring Female Entrepreneurs’ report found that female-run enterprises are often successful due to their unique approach to leadership and the running of their businesses.

The report stated that if there were as many female entrepreneurs as there are male, GDP could be boosted by 10% within 17 years.

How does tax work for a Limited company? Read our plain English guide to Contractor Tax here.

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