May will reveal the initiative in a speech at the Royal Commonwealth Club as part of the government's aim to increase women's contribution to the recovery of the economy, according to the Financial Times.

"As a government, we want the UK to be the best place in the world to start and grow a business, and for the next decade to be the most entrepreneurial and dynamic in Britain's history - women can be at the heart of that," May will say.

May's announcement will reveal the government's plans to provide resources for 5,000 mentors to be trained to help women set up their own businesses, in addition to the government's ongoing work to boost flexible working and improve the parental leave system.

Increasing the number of female entrepreneurs in the UK to match the level in the US would add an extra £42 billion to the economy each year, she will say.

Wendy Tan-White, founder of website solutions company Moonfruit and entrepreneur of the year at this year's Everywoman in Technology awards, welcomed the announcement.