A partnership to put mutual and co-operative businesses at the centre of the new Government’s plans for growth
 

The mutual and co-operative trade bodies look forward to working together with the new Government to deliver the Labour Party manifesto commitment to double the size of the mutual and co-operative sector. They want to work with the new Government to create a meaningful covenant between mutuals and co-operatives, Government and society, based on the purpose-driven business model that delivers real benefits to our communities and wider society.

The chief executives of the mutual trade bodies Co-operatives UK, The Association of Financial Mutuals, the Building Societies Association and ABCUL, have written to Sir Keir Starmer offering the support of the sector to help deliver growth and sustainable benefits to wider society.

The letter invites the Prime Minister to work with them to:

• Create an environment that places mutuals and co-operatives at the heart of his Government’s policy thinking and economic strategy, supporting the growth of the mutual sector

• Deliver a legislative and regulatory framework that enables mutuals and co-operatives to meet the needs of the communities they serve and compete fairly with other businesses 

• Unlock new capital raising options for new and growing mutuals and co-operatives

This continues to build on the ambitions outlined in the joint Prospectus, which was launched in November 2023. It highlights the value which mutuals and cooperatives, with over 74 million memberships across the UK, provide. It demonstrates the inherent link between people, including the workers and customers, having a ‘stake and a say’ in the business and the outcomes that business produces.

The trade bodies and their member businesses stand ready to partner with the new Government to deliver growth that benefits our communities, our society, and our country. 

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Press contacts:

Debbie Enever, Head of External Affairs – debbie.enever@bsa.org.uk / 020 7520 5926
Kate Creagh, Public Affairs Manager, kate.creagh@bsa.org.uk / 020 7520 5905

Notes to Editors:

• Collectively co-operatives and mutuals have over 74 million memberships across the UK.

• The Purpose of Mutual and Co-operative Businesses in Society Prospectus can be found here 

• Policy roundtables were held in Cardiff, Edinburgh, London and Manchester between January and May 2024. They convened influential and supportive politicians and influencers to agree what mutuals and co-operatives have to offer and how to ensure this potential is harnessed by the next government.

• The mutuals and co-operative trade associations are: Association of British Credit Unions (ABCUL); Association of Financial Mutuals (AFM); Building Societies Association (BSA); Co-operatives UK (Co-op UK) and the National Liaison Group (NLG).

  • ABCUL is the leading trade association for the credit union sector across Great Britain serving over 151 individual credit unions of all shapes and asset sizes.  ABCUL members account for more than 61% of the total volume of credit unions in Great Britain with over £1bn of total assets in membership.

  • The Association of Financial Mutuals is the trade body that represents mutual and not-for-profit insurers, friendly societies and other financial mutuals across the UK. The AFM is committed to protecting and progressing the principles of mutuality and promoting a better understanding of mutuals, encouraging mutual support and mutual approaches to business and public policy.

  • The Building Societies Association represents all 42 building societies, as well as 7 of the larger credit unions. Building societies serve around 26 million consumers across the UK and have total assets of over £515 billion. Together with their subsidiaries, they are helping 3.5 million families and individuals to buy a home with mortgages totalling over £385 billion, representing 24% of total mortgage balances outstanding in the UK. They are also helping over 23 million people build their financial resilience, holding over £385 billion of retail savings, accounting for 19% of all cash savings in the UK.  Within this, societies account for 40% of all cash ISA balances. With all of their headquarters outside London, building societies employ around 51,500 full and part-time staff.  In addition to digital services, they operate through approximately 1,300 branches, holding a rising share of financial services branches in local communities.

  • Co-operatives UK is the voice for the UK’s thousands of independent co-ops. It supports co-ops to start up and thrive and offers access expert advice, events and training.

Download Joint Trade Association letter to the Prime Minister

Download the 10-point plan for Government