UNTIL now, they’ve been the unsung heroes of the British economy, but co-operatives –owned by members, who share in their profits – are now, quite rightly, having their time in the sun.  

Because, while some people might view them as ‘cutesy’ compared to traditional businesses, the data tell a different story, with more than 75 per cent of cooperatives remaining active after five years; compared to less than 40% of new companies overall.  The Co-operative Group of supermarkets is an obvious example, while one of Britain’s leading retailers, which also owns Waitrose, is an employee-owned business structured as the John Lewis Partnership.

So, taken together with mutuals – which focus on providing financial protection or services to members and employ over 1.3-million people and generate a combined annual income of £165.7-billion – these businesses represent a large part of the UK economy. Almost 80 per cent of UK mutuals operate as co-operatives. 

Working with Co-operatives and mutuals enables us to achieve both a profit for members – but also to drive social benefits. And that’s a key reason the co-operative model is still thriving, 181 years after it was established by a group of working-class men in Rochdale – who worked to provide their community with good quality goods at fair prices during a time of poor living conditions and inflated prices.  

It’s a relevant context and a subject close to my heart, because as well as being a Labour member, I am also part of the Co-operative Party – which exists to support co-operative values and projects across the country.  

Fresh from attending its conference – “Community Britain” – I fully support our Labour government in delivering on its manifesto pledge to double the UK co-operative and mutuals sector, tackling barriers like access to finance – with it being available on tap to entrepreneurs through our local growth hubs.

Co-operatives already feature in Labour’s clean energy plans, with Great British Energy open to partnering with community-owned renewable projects.

Alongside, the department for business and trade’s ‘Backing Your Business’ report sets out and supports diverse business models,  and positions co-ops as drivers of innovation. 

We will also launch a Call for Evidence to hear how we can continue to support co-operatives and mutual businesses to start and grow, as well as help existing businesses transition to become a co-operative or mutual. 

Cornwall is in a good position when it comes to co-operatives. The  Cornwall and Isles of Scilly Growth Hub already provides access to free support to co-operatives, mutuals and alternative business model enterprises.  And Cornwall has been a pioneer in community-led housing projects, with Community Land Trusts like Cornwall CLT and St Ewe Affordable Housing Ltd being trailblazers nationally in this kind of local housing delivery.

As I’ve outlined in my own local pledge for ‘Jobs & Prosperity’, the only way we can ensure that the spoils of local projects and of growth in our most promising industries is with a degree of local and public ownership, which is why I’m delighted we’ve secured funding for a public wealth fund for Cornwall.

But I’m also ready to roll up my sleeves to put co-operative business models to work towards my other pledge of working to tackle the Cornish housing crisis. So, watch this space for news on my Community Land Trust for St Austell and the Clay Country which could be the way to achieve far more community say in us getting the right kind of homes for the right people in the right place.