Co-operatives UK Launch the Co-operative and Mutual Economy Report

Friday 26 January 2024

The recent publication by Co-operatives UK presents a compelling case for harnessing the full potential of co-operatives and mutuals in the UK. Data trends explored in the report prove that rapid growth for credit unions is possible if enabling frameworks are in place.

The report highlighted that the UK credit union sector (which includes Northern Ireland credit unions) experienced a 13.5% increase in year-on-year revenues from 2022 to 2023. Credit union income grew from £224.1m in 2022 to a staggering £254.2m in 2023 and 40,000 new members were acquired across the period.

There have never been so many members of British credit unions than there are now, and commenting on this milestone Robert Kelly, ABCUL CEO said: “[the data] shows that credit unions across Britain have stepped up to serve the needs of communities to provide members with safe and fair credit options. As communities across the country continue to navigate their way through the recent squeeze on finances, I am encouraged to see a record figure of credit union members continue to increase.”

Furthermore, the report found that it is not just credit unions who remain resilient throughout difficult economic times, as the UK’s democratic economy boasts 74 million members with a £87.9 billion income. The report attributes these figures as demonstrating the value people place on genuine ownership and control.

Rose Marley, CEO of Co-operatives UK, said: “We have to find ways to increase societal awareness and interest in co-operatives and mutuals. We need to inspire communities to take ownership and control of the economy; to empower young people; and to reach businesses and people at critical junctures – with the right support – to help them adopt democratic models and practices.”

Read the full report here.