Plans for a new champion for mutuals and co-ops have been
unveiled in a speech by the Economic Secretary to the Treasury in
Birmingham today.
gave her backing to the
growth of the mutuals and co-ops sector and doubling its size at
the Co-op Congress today an annual event which brings together
leaders, practitioners, and innovators to explore shared
challenges and opportunities.
Mutuals and co-operatives are businesses or organisations owned
and run by their members, and they play an important role in
strengthening local economies and giving people a stake in the
places they live and work.
The appointment of a new champion would help raise the profile of
the sector and represent their interests across government.
Across the UK, there are more than 8,400 registered
co-operative and community benefit societies, collectively
holding around £223 billion in assets and 12 million memberships.
This is part of the Government's plan to fulfil its commitment to
doubling the size of the sector and follows the Department for
Business and Trade's call for evidence on co-operatives and
non-financial mutuals earlier this year.
It also comes shortly after the introduction of the Financial
Services and Markets Bill to parliament which includes credit
union common bond reforms. They will make it easier for credit
unions to expand and broaden their membership which will allow
more people access to affordable credit and a safe place to save.
MP, Economic Secretary to the
Treasury, is expected to say today:
We want to see the co-operative and mutual sector grow and
thrive.
We are committed to unlocking the full potential of the sector to
support inclusive growth across the UK economy. This has
been a priority from the beginning.
We are making real progress.
Minister for Small Business & Economic Transformation, MP, said:
Cooperatives and mutuals have a vital role to play in our Small
Business Plan, rebuilding pride in place in the UK and supporting
workers and communities.
By appointing a Cooperatives and Mutuals Champion, we will shine
a light on this model, breaking down barriers to businesses, and
back our ambition to double the size of the sector.
