Responding to the publication of the Labour Party Manifesto today, Robin Fieth, CEO of the Building Societies Association, said:
 
“We are delighted to see the Labour Party’s public commitment to double the size of the co-operative and mutual sector as a core part of its plans for growth.
 
"There are over 9,000 mutual and co-operatives in the UK, offering a competitive and purpose-driven alternative to shareholder-owned businesses. Their culture, behaviours and decisions differ because of their member ownership model. With no external shareholders to satisfy, they can take a long-term view, which can be reflected in their prices, products and services, leading to product innovation and a greater choice for the consumer. 
 
"The Building Societies Association (BSA), along withCo-operatives UK, The Association of Financial Mutuals, and ABCUL, has been calling on the government to ensure legislative and regulatory policies support mutuals and co-operatives and create a level playing field with their plc competitors, enabling them to thrive long into the future.¹
 
"We hope whichever party is leading government on 5th July recognises the value the mutual and co-operative sector brings to our economy and local communities, and commits to doubling the sector within the next decade."
 
Ends

Press contacts:

Tanya Jackson, tanya.jackson@bsa.org.uk Tel: 07881 501098

Katie Wise, katie.wise@bsa.org.uk Tel: 020 7520 5904

Notes to Editors:

1. The Purpose of Mutual and Co-operative Businesses in Society Prospectus can be found here 
2. 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. 
3. 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.