BSA welcomes appointment of Andrew Pakes MP as Mutuals Champion
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Debbie Enever
BSA welcomes opportunity to turn Government’s ambition into practical action
The Building Societies Association (BSA) warmly welcomes the appointment of Andrew Pakes MP as the Government’s new Co-operatives and Mutuals Champion. This is an exciting opportunity for Government, the Champion and the sector to work together to unlock the full potential of building societies, credit unions and other member-owned businesses.
Customer and employee-owned businesses make a distinct and positive difference. They exist to serve their members, rather than external shareholders. That purpose allows them to focus on long-term value for their members and the communities they serve.
The Government’s ambition to double the size of the mutual and co-operative sector is a bold and welcome goal. Different ownership models strengthen our economy and ensure the benefits of business success are shared more widely.
The appointment creates fresh momentum. By working together, the new Champion, the Government and the sector can turn this ambition into practical action and bring the benefits of customer ownership to millions more people every day.
The scale of the opportunity is clear. The UK’s mutual and co-operative economy already generates £179.2 billion a year and contributes more than 1.5% of UK GDP, despite representing just 0.2% of businesses. This makes the sector an important part of the answer to the UK’s long-standing economic challenges, including weak productivity, regional inequality and financial insecurity.
Yet its potential remains constrained by outdated legislation, inconsistent regulation and a policy environment designed primarily around conventional shareholder-owned businesses.
The BSA is calling on the new Champion to help create the conditions for customer-owned businesses to thrive by focusing on three priorities:
“This appointment marks a moment of real opportunity for customer ownership in the UK. Building societies, credit unions and other member-owned businesses put the people they serve at the heart of their decisions. This brings valuable diversity to our economy.
“The sector is already making a major economic contribution, helping people to save, buy homes and access trusted services. But there is so much more it can do. With better access to capital and a fairer policy environment, building societies and credit unions can grow and reach many more people.
“We are excited to work with Andrew and colleagues across Government in a powerful partnership to turn the ambition to double the sector, into practical action. Together we can remove barriers and open new routes to growth and make customer ownership a much bigger part of the UK economy.”
Sarah Harrison, Chief Executive of the Building Societies Association, said
“Customer-owned businesses are ready to grow. The new Champion can ensure our voice is heard across Government and help create the conditions needed to unlock even more value for members and communities.”
[ENDS]
Notes to Editors:
Government commitment to double the size of the co-operative and mutual sector.
The Government first announced plans for the Co-operatives and Mutuals Champion on 12 June 2026 as part of its commitment to double the size of the co-operative and mutual sector.
The appointment of Andrew Pakes MP as the first Champion has now been confirmed Co-operatives and Mutuals Champion - GOV.UK
About the Building Societies Association
The Building Societies Association (BSA) represents all 42 UK building societies, including both mutual-owned banks, as well as 8 of the largest credit unions.
Building societies and mutual-owned banks have total assets of almost £670 billion and together with their subsidiaries, hold residential mortgages of £499.1 billion, 29% of the total outstanding in the UK. They also hold £502.2 billion of retail deposits, accounting for 23% of all such deposits in the UK. Building societies and mutual-owned banks account for 46% of all cash ISA balances.
With all their headquarters outside London, building societies employ around 52,300 full and part-time staff. In addition to digital services, they operate through approximately 1,300 branches, holding a 35% share of branches across the UK.
Building societies supporting first-time buyers
In the six months to March 2026, more than half of building societies lending to homebuyers was to those buying their first home, with almost one in five of these loans to first-time buyers with deposits of 5% or lower.
Building societies supporting savers
Last year building societies paid £2.1 billion more savings interest to their savers than if they had paid the average rates offered by the largest banks.
Press contacts:
Tanya Jackson, tanya.jackson@bsa.org.uk Tel: 07881 501098
Debbie Enever, debbie.enever@bsa.org.uk Tel: 020 7520 5926
The Building Societies Association (BSA) warmly welcomes the appointment of Andrew Pakes MP as the Government’s new Co-operatives and Mutuals Champion. This is an exciting opportunity for Government, the Champion and the sector to work together to unlock the full potential of building societies, credit unions and other member-owned businesses.
Customer and employee-owned businesses make a distinct and positive difference. They exist to serve their members, rather than external shareholders. That purpose allows them to focus on long-term value for their members and the communities they serve.
The Government’s ambition to double the size of the mutual and co-operative sector is a bold and welcome goal. Different ownership models strengthen our economy and ensure the benefits of business success are shared more widely.
The appointment creates fresh momentum. By working together, the new Champion, the Government and the sector can turn this ambition into practical action and bring the benefits of customer ownership to millions more people every day.
The scale of the opportunity is clear. The UK’s mutual and co-operative economy already generates £179.2 billion a year and contributes more than 1.5% of UK GDP, despite representing just 0.2% of businesses. This makes the sector an important part of the answer to the UK’s long-standing economic challenges, including weak productivity, regional inequality and financial insecurity.
Yet its potential remains constrained by outdated legislation, inconsistent regulation and a policy environment designed primarily around conventional shareholder-owned businesses.
The BSA is calling on the new Champion to help create the conditions for customer-owned businesses to thrive by focusing on three priorities:
- Unlocking growth through better access to capital, so customer-owned organisations can reach and support more people
- Putting mutuals at the heart of policymaking, so their distinctive contribution is considered from the outset across Government
- Creating a genuinely level playing field, enabling customer-owned firms to compete, innovate and grow alongside shareholder-owned businesses
“This appointment marks a moment of real opportunity for customer ownership in the UK. Building societies, credit unions and other member-owned businesses put the people they serve at the heart of their decisions. This brings valuable diversity to our economy.
“The sector is already making a major economic contribution, helping people to save, buy homes and access trusted services. But there is so much more it can do. With better access to capital and a fairer policy environment, building societies and credit unions can grow and reach many more people.
“We are excited to work with Andrew and colleagues across Government in a powerful partnership to turn the ambition to double the sector, into practical action. Together we can remove barriers and open new routes to growth and make customer ownership a much bigger part of the UK economy.”
Sarah Harrison, Chief Executive of the Building Societies Association, said
“Customer-owned businesses are ready to grow. The new Champion can ensure our voice is heard across Government and help create the conditions needed to unlock even more value for members and communities.”
[ENDS]
Notes to Editors:
Government commitment to double the size of the co-operative and mutual sector.
The Government first announced plans for the Co-operatives and Mutuals Champion on 12 June 2026 as part of its commitment to double the size of the co-operative and mutual sector.
The appointment of Andrew Pakes MP as the first Champion has now been confirmed Co-operatives and Mutuals Champion - GOV.UK
About the Building Societies Association
The Building Societies Association (BSA) represents all 42 UK building societies, including both mutual-owned banks, as well as 8 of the largest credit unions.
Building societies and mutual-owned banks have total assets of almost £670 billion and together with their subsidiaries, hold residential mortgages of £499.1 billion, 29% of the total outstanding in the UK. They also hold £502.2 billion of retail deposits, accounting for 23% of all such deposits in the UK. Building societies and mutual-owned banks account for 46% of all cash ISA balances.
With all their headquarters outside London, building societies employ around 52,300 full and part-time staff. In addition to digital services, they operate through approximately 1,300 branches, holding a 35% share of branches across the UK.
Building societies supporting first-time buyers
In the six months to March 2026, more than half of building societies lending to homebuyers was to those buying their first home, with almost one in five of these loans to first-time buyers with deposits of 5% or lower.
Building societies supporting savers
Last year building societies paid £2.1 billion more savings interest to their savers than if they had paid the average rates offered by the largest banks.
Press contacts:
Tanya Jackson, tanya.jackson@bsa.org.uk Tel: 07881 501098
Debbie Enever, debbie.enever@bsa.org.uk Tel: 020 7520 5926