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ABCUL’s Mutual Trade Body Partnership Submits Offer of Support to New Government

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.

Friday 5 July 2024

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 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 communities, society, and the country.

Last month, ABCUL submitted its General Election Policy Asks 2024 for the newly elected Government after the July election.  “Our primary objective is to support credit unions in building financial resilience across households, workplaces, and communities all across the country,” says ABCUL CEO, Robert Kelly. “Credit unions are founded on the ethos of people helping people and the forthcoming General Election provides a great opportunity to enhance the role of our sector in so many different ways.


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