Manchester’s female-led businesses contributed £124m to the UK’s economy and created an additional 3,300 jobs in 2015, according to new findings by NatWest.
The research, undertaken in partnership with Development Economics, revealed that female entrepreneurs in Manchester set up 5,200 businesses in 2015 alone.
According to the data, the only city to create more businesses than Manchester was London with 33,200. In Birmingham, 5,100 new businesses were created and in Leeds, the figure was 3,700.
Female entrepreneurs contributed £3.15bn to the UK economy overall in 2015.
However, despite a strong growth in female entrepreneurship overall since 2009, the number of women setting up a business in the UK still lags behind countries such as Canada and the US, costing the UK economy £1bn a year.
The research revealed that while the proportion of the UK’s female working population starting a business nearly doubled from 3.7 per cent to 7.1 per cent between 2009 and 2012, this has since tailed off, falling every year and standing at less than 5 per cent in 2015.
Andrea Kelly, director of commercial banking at NatWest, said: “We know entrepreneurs are vital to the economy, and it’s fantastic to see just how much women contribute in Manchester and across the UK, but it’s clear we need to do more to power this growth in the same way our global counterparts do.”