MP backs report highlighting positive impact of Mutuals

Jeremy has welcomed the launch of a new parliamentary report highlighting the importance of co-operative and mutual enterprises to the UK economy.

The ‘Business with a Purpose – The UK Mutual Economy Report 2019’, published by the All-Party Parliamentary Group for Mutuals (of which Jeremy is a Member), found that co-operative and mutual businesses account for over £133.5bn of income annually and touch the lives of 1 in 3 people in the UK.

Mutuals exist in every sector of the economy, from financial services to housing, to food retailing, to public services and sport. Whether it is through supplying affordable and sustainable services to consumers, providing rewarding work or strengthening community enterprise, a strong network of co-operative and mutual businesses plays an important part in a diverse and modern British economy.

The report makes a number of policy recommendations for increasing the contribution of co-operative and mutual business to growth, prosperity and fairness. These include greater recognition and policy understanding of the sector by national and devolved politicians, a commitment to an enabling legislative environment for the sector in the UK and a better understanding of where regulation disproportionately affects the sector and a commitment to address this where it occurs.

Commenting, Jeremy said: “I welcome the publication of this excellent report setting out the importance of co-operative and mutual enterprises to the UK economy. Here in Staffordshire we have many cooperative retail businesses including the excellent Stafford Railway Building Society. At a time when negotiating our exit from the EU dominates the UK policy agenda, mutual businesses are continuing to grow - creating an economy and society that works in the interests of the widest number of people by sharing power in, and the rewards of, business.”