Skip to main content

Record-breaking Co-operative and Mutual Economy numbers set baseline for Labour 'doubling the size' pledge

News item

Published
19th September 2024
Last updated
3rd October 2024
Image
Co-operative and Mutual Economy 2024 report front cover

The Co-operative and Mutual Economy Report 2024 reveals record-breaking figures, with thousands of businesses contributing billions to the UK economy and employing more than 1.3 million people.

The scale of government’s challenge to double the size of the co-operative and mutual economy has been set after record-breaking figures reveal a growing sector of more than 9,000 businesses contributing billions to the economy.

The Co-operative and Mutual Economy Report 2024, launched today (Thursday, September 19), reveals that 9,342 co-operatives and mutuals have produced a record, combined income of £165.7 billion and employ over 1.3 million people. Produced by trade body Co-operatives UK, the report sets a crucial baseline from which the government's commitment to expand the co-operative and mutual economy twofold can be measured.

Rose Marley, CEO of Co-operatives UK, said: "The benchmark has been set but most importantly, this is an opportunity to realise the immense potential of co-operatives and mutuals to create a more inclusive and resilient economy.

"Co-operatives put people first. Built on shared values and principles, they exist to meet the needs of their members, not just shareholders. They create a fairer distribution of wealth and more sustainable communities. With government support, we can scale these benefits across the entire economy."
 

Quote mark
We have seen the highest influx of new member-owners in seven years at Co-op Group – and the growth in total turnover and membership across the wider sector highlights the increasing recognition of the value that co-operatives bring to communities.
– Shirine Khoury-Haq, CEO, Co-op Group

Key Report Findings:

  • Record income: Total income of the co-operative and mutual economy reaches a record £165.7 billion
  • Employment: Sector’s 9,342 businesses employ more than 1.3 million people
  • Membership growth: Memberships of co-operatives and mutuals rises 2.8% to 68.8 million
  • Resilience: Co-operative new-starts more than twice as likely to survive beyond the first five years
  • Booming pubs: 49.5% increase in community-owned pubs over 5 years
  • NHS Foundation Trusts: Enhanced data includes public mutuals 

The report underscores the need for key policies to unlock the full potential of the sector, including enabling access to capital and modernising co-operative legislation.
 

Quote mark
We need policies that create the right conditions for co-operatives to thrive. These include unlocking new capital-raising mechanisms and ensuring co-operative development is resourced at local and national levels.
– Rose Marley, CEO, Co-operatives UK

Rose Marley, CEO of Co-operatives UK, said: "We need policies that create the right conditions for co-operatives to thrive. These include unlocking new capital-raising mechanisms and ensuring co-operative development is resourced at local and national levels. On the 180th anniversary of the Rochdale Pioneers, the original founders of the modern co-operative movement, the time is now to invest in the power of democratic business models."

Co-operatives and mutuals are organisations that are democratically owned and equitably controlled by their members. All business activities are in the interest of current and future members, as opposed to distant shareholders. They boast household names including Nationwide Building Society and Co-op Group.

Co-op Group CEO, Shirinie Khoury-Haq, said: "As the UK’s largest co-operative, we are proud to be part of a movement that remains resilient and robust. We are owned by and run for our members and our commitment to sharing power and wealth more equitably remains crucial.

"We have seen the highest influx of new member-owners in seven years at Co-op Group – and the growth in total turnover and membership across the wider sector highlights the increasing recognition of the value that co-operatives bring to communities."

Co-operative and Mutual Economy 2024
Get all the facts, figures, insight and intelligence in this year's record-breaking report.
Quote mark
As a Government focused on growth, I am heartened to see some of the trends outlined in this Co-operatives UK report, including the 2.9% increase in memberships to mutual and co-operative businesses, as well as the 2.6% total increase in income. I look forward to working with the sector to support the co-operative and mutual economy to thrive.
– Tulip Siddiq, Economic Secretary to the Treasury and City Minister
Related content