Mutuals, co-operatives and friendly societies make a valuable contribution to the UK economy, and I welcome the role that they and their members play in our communities. Co-operatives added £39.7 billion to the UK economy in 2021, employing over 250,000 people up and down the country.
I welcome Sir Mark Hendrick’s Bill, which will give the Government the power to create regulations to provide much-needed protections for mutuals. I will be sure to continue to engage with ministerial colleagues and others as this Bill progresses through Parliament.
Unfortunately, due to prior commitments I was not able to attend the debate on 28 October. However, I was glad to see this important piece of legislation receive support from across the House.