Labour Party’s Aim to Double the Size of the Co-operative and Mutual Sector

14/06/2024

The Labour Party has published its general election manifesto, which includes a commitment to double the size of the co-operative economy, a pledge retained from its 2019 manifesto.

Labour leader Sir Keir Starmer made the announcement at an event held at the Co-op Group’s service centre at 1 Angel Square in Manchester on 13 June.

The manifesto says a Labour government would “support diverse business models” which bring innovation and new products to the market. “This includes the co-operative sector, and we will aim to double the size of the UK’s co-operative and mutuals sector. We will work with the sector to address the barriers they face, such as accessing finance,” it reads.

Commenting on Labour’s pledge, ABCUL CEO, Robert Kelly said: “The Labour Party’s manifesto commitment to support the doubling of the co-operative and mutual economy is warmly welcomed by ABCUL.

“In the last number of months ABCUL has collaborated with partners at the Association of Financial Mutuals (AFM), The Building Societies Association (BSA) and Co-operatives UK to champion the role of co-operatives and mutuals in building financial resilience in households, workplaces and communities and generating economic growth across the country.

“The credit union sector will play a vital role in supporting this objective and in promoting sustainable financial inclusion – ABCUL looks forward to working with whoever forms the next government to push forward this agenda.  Credit unions thrive on the ethos of ‘people helping people’ and helping households manage their finances in an ethical and innovative way.  It’s an exciting and vibrant time for our sector.”