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Friday, 10 June 2016

Posted by Parveen Hassan
| 14:18
Economic Secretary, Harriett Baldwin discusses the Women In Finance Charter, championing gender diversity in financial services by celebrating the achievements of women in the world of finance. 

She commented, “harnessing the talents of women is essential if we want to make sure this industry continues to be successful in the UK.”

The Economic Secretary quoted, “quite simply, if we want to maintain our reputation as a world-leader in financial services, we need to be a world-leader in diversity too.This is to the benefit of the UK economy as a whole. Because there are huge gains to be made if we can really make a change here.”

The OECD estimate that if you make the role of men and women in the labour market equal, you could increase your GDP by 10% by 2030.

The former investment banker noted that in the late eighties, women were seriously under-represented. 30 years later, not much has changed. Examples highlighted were the difference between what women are paid, compared to men, in the financial services industry. 

The gap is worse than in any other industry in the UK. In fact it is almost double the national average – at almost 40%. That means for every £1 a man earns, a woman gets about 60p.

The speech covered women making it to the top jobs, sitting in the board rooms, and being at the helms of our biggest companies.

Yet in 2016, only 6% of CEOs in financial services are women. Jayne-Anne Gadhia, the CEO of Virgin Money, will look at why so few women were represented in the top jobs, and what could be done to change it.