October 30th 2024.
The UK has been buzzing with excitement and anticipation as Rachel Reeves takes on the role of the country's first female Chancellor. For centuries, this position has been held exclusively by men, with even the unofficial financial decisions being made by men. But on July 4, history was made as Rachel Reeves stepped into her new role under the new Labour Government, inspiring women and girls everywhere. And now, on October 30, she is set to unveil her very first budget, making waves once again in the world of finance.
While Rachel's accomplishments are undoubtedly inspiring, women in the finance industry are feeling a mix of emotions about the attention being given to her gender. As Amy Rushby, co-founder of car finance app Carmoola, puts it, "The UK having its first-ever female Treasurer shouldn't be a big deal, and the fact that it is is simultaneously inspiring and frustrating." She, along with many other women in finance, believes that women are more than capable of excelling and leading in any industry, and it shouldn't be newsworthy that a woman is taking on such a powerful political position.
Sarah Beale, CEO of the Association of Accounting Technicians, shares this sentiment, stating that the Chancellor's gender should not matter in today's world. She acknowledges the progress that has been made in the finance sector, with more women joining and excelling, but also points out that there is still a long way to go in terms of gender equality and the gender pay gap.
Despite the growing number of women in finance, there is still a significant disparity in terms of pay and opportunities. Sara de la Torre, head of financial services at Dun & Bradstreet UK&I, believes that the industry must continue to strive for diversity and equal opportunities for women. She hopes to see Chancellor Rachel Reeves address issues such as equal pay, affordable childcare, and flexible working, which are essential for economic growth.
The gender pay gap is a pressing issue that needs to be addressed, as highlighted by the Women's Budget Group, which revealed that women earn significantly less than men in terms of weekly and annual pay. This gap is even wider in roles such as financial managers and directors, barristers and judges, production and assembly supervisors, and web design professionals. Rachel Reeves has made it clear that closing the gender pay gap is one of her top priorities as Chancellor, and she plans to work with businesses to do so.
However, there are concerns about how this will be achieved, as Labour's plan does not involve legally enforcing businesses to reduce the gender pay gap. Instead, they would work with businesses to implement an action plan, with small businesses being initially exempt. This issue is one that must be addressed, and women in finance are hopeful that Rachel Reeves will make significant strides in achieving gender equality in the industry.
As we celebrate the first female Chancellor in UK history, it's essential to remember that there is still much work to be done for women in finance. While it's a significant step forward, it's not the be all and end all, and there are still barriers that need to be broken and opportunities that need to be created for women to truly thrive in this industry. The fight for gender parity is far from over, but with inspiring leaders like Rachel Reeves, we can continue to make progress towards a more equal and diverse future.
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