Co-operative Movement Key to Economic Growth

Friday 27 September 2024

Over the three days, co-operative, mutual, and credit union representatives were actively involved in fringe events alongside government representatives.

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.

ABCUL CEO, Robert Kelly was in attendance supporting the mutual and co-operative trade bodies launching its Co-operative and Mutual Economy Report 2024. The recently published report reveals record-breaking figures, with thousands of businesses contributing billions to the UK economy and employing more than 1.3 million people.

“The credit union sector will play a vital role in supporting this objective and in promoting sustainable financial inclusion,” says Robert. “Our sector wants 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.”

Rose Marley, CEO of Co-operatives UK, said: “The benchmark has been set but most importantly, this is an opportunity to realise the immense potential of co-operatives and mutuals to create a more inclusive and resilient economy.

“Co-operatives put people first. Built on shared values and principles, they exist to meet the needs of their members, not just shareholders. They create a fairer distribution of wealth and more sustainable communities. With government support, we can scale these benefits across the entire economy.”

Further credit union themed discission in Liverpool, featured a panel chaired by Social Market Foundation discussing how access to financial services can drive inclusive growth across the country. CEO of Enterprise Credit Union, Karen Bennett CBE spoke on the panel emphasising the significance of credit unions in promoting financial inclusion, stating: “The uniqueness of credit unions is that we know our members and it is pivotal ensuring that credit unions have a seat at the table in conversations on financial inclusion.”

Robert added: “It’s a hugely exciting and vibrant time for the credit union sector. Credit unions are founded on the ethos of people helping people and I am enthused by discussions and the cooperative environment that is being created at this week’s conference, providing great opportunities to enhance the role of our sector in so many different ways.”