The manifesto for the new Government committed Labour to work to double the size of the co-operative and mutual economy. 

We are starting to see some detail on how this commitment might begin to take shape.

In the Chancellor's Mansion House speech, delivered on Thursday 14 November, she mentioned the work of the sector - that, of itself, is significant, in the context of perhaps the most important speech the Chancellor makes on economic policy each year (outside of the Budget). 

But more than that, she highlighted the work done by leading mutuals to work with the Government to establish a new Mutuals and Co-operative Business Council.

This new Council will bring together some of the largest co-operative and mutual organisations in the country, to work alongside the Government in growing business and growth which is inclusive. Growth which genuinely belongs to all the customers, all the workers, or all the stakeholders involved.

Alongside that, the Government has also announced a call for evidence in relation to the 'common bond' for credit unions; the requirement that all credit unions state in their rules an occupational, geographic or community bond that unites their membership. 

Credit unions are member-owned and democratically controlled financial institutions that chiefly provide loans and savings products to their members, but membership is restricted in each case by the common bond - might this be a key to unlocking further growth?

The Government has also written to the Financial Conduct Authority and the Prudential Regulation Authority to ask them to comment on the ‘landscape’ for coops and mutuals, and in particular how the sector is impacted by regulation.

As the policy announcement stated, ‘The Government recognises the invaluable role of the mutual and co-operative sector in driving inclusive growth across the country.’ 

These are all welcome developments, as we start to see some detail in exactly how the government will work towards increasing the role and scope of co-ops and mutuals all across the economy.