Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has made an estimate of the contribution of the co-operative sector to recent trends in the level of GDP growth.

The Government recognises the important contribution co-operatives make to the UK economy, serving local communities around the country and providing diversity to the UK business sector with their model of shared ownership. According to the latest Co-operative and Mutual Economy Report by Co-operatives UK, there are currently 7,370 co-operatives operating across the UK, with an annual income of £42.7 billion, a 2.2% increase from 2023 levels.

The Government is committed to unlocking the full potential of the mutual and co-operative sector to support inclusive growth. My officials and I continue to engage regularly with the sector to understand their current barriers to growth and how these can be overcome.

In her Mansion House speech, the Chancellor set out a package of measures aimed at supporting the growth of the mutuals and co-operative sector. This included welcoming the establishment of an industry-led Mutual and Co-operative Business Council, which will support the Government’s engagement with the sector. I had the pleasure of attending the first meeting of this Council with my officials on 6 March, where I met with representatives and experts from across the mutuals and co-operative sector to discuss areas for mutual growth.