Building Societies Association
The three main political party manifestos reveal their views and plans for mutuals and co-operatives, both within financial services and wider public services.
The Labour Party notes the value of building societies and the strength and diversity that a healthy mutual sector brings to financial services. The Party says that they will consider a mutual solution as one option for the disposal of Northern Rock, while ensuring that the sale generates maximum value for money for the taxpayer. Labour also commit to consulting on measures to help strengthen the building society sector.
The Party states there is growing interest in co-operative and mutual organisations that people trust, and that have the capacity to unleash creativity and innovation, creating new jobs and services – particularly in disadvantaged neighbourhoods where traditional approaches have failed in the past. They say more local organisations should be run on cooperative principles.
The Liberal Democrats assert “mutuals, co-operatives and social enterprises have an important role to play in the creation of a more balanced and mixed economy. Mutuals give people a proper stake in the places they work, spreading wealth through society, and bringing innovative and imaginative business ideas to bear on meeting local needs.”
The Party will seek to turn Northern Rock into a building society and pass a new Mutuals, Co-operatives and Social Enterprises Bill to bring the law up to date and give responsibility for mutuals to a specific minister.
The Conservative Party sees mutuality as the way forward within public services and pledge to support co-operatives and mutualisation as a way of transferring public assets and revenue streams to public sector workers; essentially employee-led co-operatives.
Commenting on the Parties’ proposals, Adrian Coles, BSA Director-General, said:
“Mutuality is by no means a new concept, but it’s great to see it now firmly on the political agenda. The BSA put forward our views to the parties in our Mutual Manifesto and it’s encouraging to see some of these being embraced. Mutuals bring diversity and are good for consumers, so let’s hope these pledges are fulfilled.”
A copy of the Mutuals Manifesto can be viewed here.
