What steps she is taking with Cabinet colleagues to support new co-operatives and mutuals.
The Government recognises the important contribution of co-operatives and mutuals to the economy, serving local communities around the UK and ensuring the UK has a diverse business sector with their model of shared ownership. According to the Co-operative and Mutual Economy Report 2024, there are currently 9,342 mutual and co-operative businesses in the UK, with an annual income of £165.7 billion. The Government is committed to unlocking the full potential of the mutual and co-operative sector to support inclusive growth and will work with the sector to ensure it is fully supported to grow. To help ensure co-operatives legislation is meeting the needs of co-operative and community benefit societies, the Government is funding the Law Commission’s independent review of the Co-operative and Community Benefit Societies Act 2014. This will consider ways to update and modernise the Act.