10:25 Sally-Ann Hart (Hastings and Rye) (Con)

These changes have the potential to lead to large capital-driven co-operative societies raising millions of pounds more each year in equity, which could then be used to invest in important initiatives, tackling issues such as decarbonisation, technology and the current cost of living crisis. This is compassionate capitalism at its best. The Bill has much merit, and it deserves our support.

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10:44 Selaine Saxby (North Devon) (Con)

Importantly, it sees co-ops as a way to empower young people. Co-ops are the opposite of the more insecure gig economy pioneered by tech apps. They give young people a stake in their work and allow them to engage more fully with it. They allow young people to engage with the issues that matter most to them and to make a positive change in their communities on issues such as climate change. In communities like mine, they encourage young people to stay rather than feel that they need to move away. There remains an opportunity for rural communities to benefit from additional funding for matters such as community land trusts and shops, as seen in Parracombe, and I am delighted to support the Bill.

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10:58 Anna Firth (Southend West) (Con)

Co-operatives, mutuals and friendly societies trade in sectors as diverse as agriculture, renewable energy, retrofitting, the creative industries, manufacturing, distribution, wholesale, retail and finance. In 2020, the turnover of the co-operative economy grew by £1.1 billion. Of course, most co-operatives in the UK are consumer-owned, but in recent years we have seen a marked growth in community ownership, worker co-operatives and freelancer co-operatives. Many of the UK’s largest co-operatives comprise other businesses such as farmers’ co-operatives.

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23:08 Tulip Siddiq (Labour)

Co-operative and mutual societies have never been more important in the UK’s economy and public life. More than 7,000 co-operatives are operating across the UK, with a combined turnover of almost £40 billion, and some 200,000 people earn their livelihoods directly through co-operatives. They trade in sectors as diverse as agriculture, renewable energy, retrofitting, the creative industries, manufacturing, wholesaling, retail and finance. Many Members have cited examples from their own constituencies. Co-operatives have also proven resilient in the face of hardship. The pandemic was an incredibly difficult time for many British businesses, but the co-operative and mutual sector grew by an impressive £1.1 billion in 2020, despite the economic challenges resulting from the national lockdowns.

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