2024 was said to be the year of the election, with more voters heading to the polls than ever in human history.  

As head of policy and public affairs, my role is to help Nationwide understand how UK policy can impact our members and to help Nationwide respond to it. As we pored over the election manifestos of the major UK parties, one pledge stood out. Buried in the Labour Party manifesto was an aim to double the size of the mutual and cooperative sector.

“Labour will support diverse business models which bring innovation and new products to the market. This includes the co-operative sector, and we will aim to double the size of the UK’s co-operative and mutuals sector. We will work with the sector to address the barriers they face, such as accessing finance.” Labour Party Manifesto 

Precisely what was to be doubled was unclear, as was the means to achieve that. Number of mutuals, number of members, the size of mutual balance sheets? But from ambiguity emerged opportunity. The idea for the Mutual and Cooperative Sector Business Council was born. 

The premise of the Council is to bring together some of the leading mutual and cooperative businesses in the UK, with the expertise of the sector trade associations like the BSA, to partner with government to help them achieve their manifesto aim. 

Chaired by Kevin Parry OBE, Nationwide Chairman, our membership includes Co-op Group, Arla Food, Arup, John Lewis Partnership, Royal London and Nationwide. Trade body members include the BSA, Association of British Credit Unions, Association of Financial Mutuals, Employee Ownership Association and Co-ops UK. We are supported by Mutuo, the leading advocate for mutuals.

In a sign of the government’s support for the idea, the Chancellor endorsed the Council in her Mansion House speech last year. 

“I welcome the work of Nationwide, Co-operative Group, Arla and Royal London to establish an industry-led Mutuals Council to drive growth in the sector.” Chancellor of the Exchequer

The Treasury City Minister and the Minister for Small Business are closely involved with the Council and attended the first meeting.

Our goal is to find mutual and cooperative solutions to some of the big issues facing the UK. We aren’t there to duplicate the vital work of the trade bodies or to promote narrow interests. Rather, our thesis is that the best path to sustainable growth is to prove the relevance of the mutual model across more issues.

For example, how can we expand the contribution of community land trusts to meet housing need. The government’s ambition to build 1.5m new homes is a fertile terrain for Community Land Trusts. In energy, how can we expand the role of community led energy co-operatives in line with government’s power plans. In financial services, how we can work with the credit union sector to extend the vital work which so many unions do. 

These aren’t easy challenges. If they were, then they would have been solved. Neither does the Council have a monopoly of wisdom. We are acutely aware that much expertise lies outside the council. Where I hope the Council can help is in connecting industry expertise to government and progressing some of the solutions I’ve outlined. 

If 2024 was the year of the election, then let’s make 2025 the year of progress in creating mutual and coop solutions to some of the big challenges ahead.

This article was first published in the Spring edition of Society Matters magazine.