To ask the Secretary of State for Business and Trade, whether her Department is taking steps to increase the share of Angel’s funding received by women and ethnic minority individuals.

My department leads the Investing in Women Code, a voluntary commitment for providers of capital including Angel investment syndicates. The Code has attracted over 250 signatories, including over 40% of UK Business Angel Association (UKBAA) members. The Code publishes its findings annually. These show that signatories are more likely to invest in women entrepreneurs than the wider market.

Code signatories have also provided data on their investments in entrepreneurs from an ethnic minority background. These figures were analysed by the UKBAA and were published in November 2023, in collaboration with the APPG for Ethnic Minority Business Owners.