Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking with Cabinet colleagues to support the growth of co-operatives.

The Government recognises the important contribution of co-operatives to the economy, serving local communities around the UK and ensuring the UK has a diverse business sector with their model of shared ownership. There are currently 7,370 co-operatives operating across the UK, with an annual income of £42.7 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.