A Mutual and Co-operative Prospectus

A Mutual and Co-operative Prospectus

30 November 2023

Together with our partners ABCUL, BSA and Co-operatives UK we have published our joint prospectus ahead of the next General Election, outlining how co-operatives and mutuals can help the next government tackle the biggest challenges: economic stagnation, inequality and insecurity, and the climate emergency.

Co-operatives and mutuals are an increasingly significant contributors to the UK economy, with the latest research finding combined annual revenues equating to 3.5% of UK GDP. They are already delivering numerous benefits, including:

  • An inclusive, growing economy that benefits everyone, such as The Co-op Retail Group and its £70 million price reduction on daily essentials
  • Serving the underserved, like Foresters Financial’s Free Financial Planning service, with in-house advisers who provide personal financial planning at no extra cost, ensuring that everyone has access to expert guidance for making informed financial decisions.
  • Thriving communities everywhere, like Cornish Mutual, a farming insurance specialist, equipping farmers to be more resilient, or Scotwest supporting North Lanarkshire Council employees to save
  • Societal action on climate change and reaching net zero, such as Principality Building Society helping more people into sustainable homes
  • Supporting public services, as mutual insurers generate nearly £1billion savings each year to the NHS, wider welfare state and employers’ costs through healthcare plans and income protection

Working together we are reaching out to all parties, setting out what these businesses have to offer society and urging that the next government create the conditions for further mutual growth by:

  • designing an environment that supports growth
  • delivering a legislative and regulatory framework that is fair
  • creating capital to support new and growing co-operatives and mutuals

You can read the joint prospectus here: The Purpose of Mutual and Co-operative Business in Society

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