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Women were hit harder than men by job losses around the world due to the coronavirus pandemic, a landmark study by the International Labour Organization (ILO) pointed out last year.

Globally, between 2019 and 2020, 4.2% of women’s employment was eliminated as a result of the pandemic, representing a drop of 54 million jobs, compared to 3% of men’s employment or 60 million jobs, the extensive research by ILO added.

More than half a billion women, or 40% of all employed women, work in the most affected sectors.

In 2019, the Treasury commissioned Alison Rose, the CEO of NatWest, to lead an independent review of female entrepreneurship. The results of the review, which were published to much fanfare this year, estimated that up to £250bn could be added to the UK economy if women started and scaled new businesses at the same rate as men.

However, only 5.6% of women do run their own businesses, and access to funding, risk awareness, primary care responsibilities and perception of skills were among the barriers to female entrepreneurs, the review found.

Despite being disproportionately hit by the pandemic, women have shone and set up businesses in the face of extreme adversity.

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A research survey from Gusto found that approximately 40% of female entrepreneurs launched their businesses as a direct result of the pandemic.

A rise in female founders is a good thing for women — and for society: Women are 1.17 times more likely than men to find a business that doubles as a social venture.

The Alison Rose Review, which studied female entrepreneurship, also identified the importance of women-led businesses to the UK economy.

More women than ever are starting new companies and women are taking up a bigger proportion of the landscape than ever before. More than 140,000 companies were set up by all-female teams last year, representing year-on-year growth of over a third.

Female founders are also better supported, with tens of thousands of entrepreneurs across the UK benefiting from advice and mentoring schemes, and thousands of students receiving enterprise training.

Measurement and disclosure are powerful instruments of change, the review said.

Since its launch, 134 organisations with a combined investment power of nearly £1trn have signed up to the Investing in Women Code, committing them to improve the potential for female entrepreneurs to succeed.

Alison Rose, NatWest CEO, says: “With fresh thinking, swift action and a redoubled effort, we can continue to work together to achieve our ambitions and unleash the untapped potential of female-led businesses to drive our economic recovery.”

The entrepreneurial spirit that women showed during the coronavirus crisis – one of the bleakest times in living memory – is testimony to how resilient the so-called entrepre-hers have been. From setting up home-banking businesses to taking up engineering top roles, women have punched above their weight during the pandemic

Small Business Minister Paul Scully said: “We’re making the UK the best place in the world to start and grow a business, and that means unleashing the entrepreneurial talents of everyone across the country.”