There is a simple way to boost the UK economy: get more women into work, according to the latest research by ‘big four’ accountancy firm PwC.
The economy could benefit to the tune of £170bn - or a 9% increase in gross domestic product - if female employment in the UK rose to match Sweden’s.
Sweden is the best performing country in the Organisation for Economic Co-operation and Development (OECD) across a number of factors, according to PwC’s Women in Work Index.
The UK has improved its position, up to 16th place from 21st last year, thanks to a lower female unemployment rate, and progress narrowing the gender pay gap.
But that gap is still far higher than the average among members of the OECD, and it ranks 21st out of 33 countries.
Currently women’s average salary is 18.3% behind men’s; closing the gender pay gap would result in an £80bn boost to overall female earnings in the UK, or an average pay rise of £5,500 for every working woman.
PwC finds that the Nordic countries are leading the way, with the highest level of female board membership and female workforce participation- around 80% for most of the states.
One of the main areas for improvement highlighted by the survey is in getting mothers back into work in Britain.
Gaenor Bagley, head of people and executive board member at PwC, said: "One of the main reasons why there is a gender pay gap in the UK is due to the low number of women in senior positions.
"If we want to close the gap, businesses need to help women back into the workplace and make sure that opportunities to progress are equal for all. Businesses and the economy are still losing out due to the low number of women in full-time employment and mothers in employment."
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