Women were less likely to report getting returned to pre-pandemic activity, compared to men
According to HR News, nearly a quarter of female-owned businesses in the UK are still closed following the lockdown. In fact, 23% reporting they aren’t trading, compared with just 14% of male-owned businesses.
Meanwhile, 60% of female small business owners don’t expect to take time off work, up from 47% of men.
The Department for Business, Energy, and Industrial Strategy states this could have wider effects on the UK economy. It reports that women-led SMEs are estimated to contribute nearly £85 billion to economic output.
The report found that 48% of all UK business owners reported forgoing a salary amid the pandemic. In addition, female small business owners were more likely to report going without a salary.
At the same time, 50% of women revealed they hadn’t taken a salary since the beginning of the lockdown, compared with 47% of men.
The survey also forecasts that 42% of female business owners are expected to go without wages compared with 38% of men.
We’ve reported that 3/4 of UK fintechs faced the lack of the government’s support during the COVID-19 pandemic.