Chancellor Rachel Reeves pledges bold support for co-operatives in landmark Mansion House speech
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In a major announcement, Chancellor Rachel Reeves has committed to establishing a Mutuals and Co-operative Business Council to promote growth.
In a historic Mansion House address, Chancellor Rachel Reeves has announced the creation of a new Mutuals and Co-operative Business Council.
Co-operatives UK, the apex body on co-operatives in the UK, welcomed the pledge for partnership and sector growth.
Rose Marley, CEO of Co-operatives UK, said: "The power of co-operatives and mutuals to drive fair and sustainable growth has been overlooked by past Chancellors, but not now. Rachel Reeves has shown clear and practical intent to push forward co-operative solutions to some of the UK’s biggest challenges.
“As part of government’s commitment to double the size of the sector, the mutual council will create an opportunity to embed more mutuals into the economy; to create inclusive growth and an equitable future. We’re a step closer to a business environment that allows and encourages existing co-operatives and mutuals – businesses that do so much for people and communities - to grow and thrive.”
This initiative demonstrates a strong step forward in creating a business environment that allows and encourages co-operatives and mutuals to thrive. We look forward to working closely with Government to ensure our sector’s full potential is realised.
The Mutuals and Co-operatives Business Council will serve as a structured forum for collaboration between the government and the co-operative and mutual sectors. It will provide technical expertise, inform and offer innovative solutions focused on mutual ownership and control based on experience and learnings from the UK and international movement.
The Council will be comprised of leading mutuals and sector bodies from across the co-operative and mutual sector, including Co-operatives UK and its biggest member, Co-op Group. Co-operatives UK’s CEO says the apex will use its Co-operative Growth Strategy, to be published in January, to highlight opportunities for growth and impact.
She said: “We’re delighted to be on the Council – and the approach of co-operatives and mutuals together is vitally important."
The Chancellor also announced further measures for building societies and credit unions were also announced. Rose Marley added: "It’s also great to see those measures that benefit the broader mutual sector.”
Co-operatives UK continues to urge its members to actively engage with the Law Commission's review on co-operative and community benefit society law by contributing their insights to Co-operatives UK’s response or submitting their own.
