Rachel Blake 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.
Rachel Blake 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, Blair McDougall MP, said
Co‑operatives 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 Co‑operatives 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.