Barriers faced by women wanting to work is costing the economy in England, Scotland and Wales £88.7bn every year, according to new research.
The Centre for Local Economic Strategies and The Women's Budget Group say this is the equivalent to the entire financial services sector in the UK.
A research project by the two organisations in partnership with Leeds City Council says the findings indicate that the average regional economy is losing out on £1.68bn a year.
In some cases, this represents nearly 10% of a region's economic output.
The report’s authors say there are wide regional disparities in the cost of excluding women from paid work and a correlation between those areas where the problem is worst and high levels of child poverty.
Sara Reis of the Women’s Budget Group said: ‘These findings further underline the hugely significant economic cost of systemic barriers to paid work for women, including caring responsibilities, the cost of childcare and wages undermined by the gender pay gap.
‘What's more, they don't capture the social cost – the loss of connection, sense of accomplishment and mental challenge for women excluded from paid work is immensely damaging for both their individual health and the wellbeing of our communities.’
For more on this topic check out The MJ's feature, 'International Women’s Day: The local cost of barriers to women’s paid work'.
