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Written Question
Cooperatives: Economic Situation
Wednesday 18th October 2023

Asked by: Jim McMahon (Labour (Co-op) - Oldham West and Royton)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the contribution of the cooperative sector to the UK economy.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The Government is committed to having a thriving co-operative sector and creating a modern and supportive business environment in the UK. The Government acknowledges the vital contribution co-operatives make to the economy, serving local communities up and down the UK. The latest Co-operative and Mutual Economy Report 2023, conducted by the trade body Co-operatives UK, found that co-operatives generated a combined, annual turnover of £40.9 billion, a 3.7% increase from 2022 levels.

The Government has taken significant steps to support the co-operative sector in recent years. For example, the Co-operative and Community Benefit Societies Act 2014 helped cut through the legal complexity involved in running a co-operative, improving their competitiveness. Additionally, at Budget 2021, the Government announced the £150m Community Ownership Fund. This allows community groups to bid for up to £2 million matched-funding to help them buy or take over local community assets at risk of being lost and run them as community-owned businesses, supporting co-operative entrepreneurship. To date, 195 projects across the UK have benefitted from the fund.

Earlier this year, the Government-supported Co-operatives, Mutuals, and Friendly Societies Act 2023 came into force, which grants HM Treasury the power to bring forward regulations to give those mutuals further flexibility in determining for themselves the best strategies for their business regarding their surplus capital.

Furthermore, the Government also aims to continue to develop a modern and supportive business environment to set co-operatives and mutuals up for success. The Government has commissioned the Law Commission to conduct reviews of the Co-operative and Community Benefit Societies Act 2014 and the Friendly Societies Act 1992. These reviews will investigate necessary changes to legislation that will help support co-operatives and friendly societies in their future growth and success.


Written Question
Private Members' Bills
Wednesday 26th July 2023

Asked by: Lord Grocott (Labour - Life peer)

Question to the Cabinet Office:

To ask His Majesty's Government how many private members’ bills starting in (1) the House of Commons, and (2) the House of Lords, have received Royal Assent since the 2019 general election.

Answered by Baroness Neville-Rolfe - Minister of State (Cabinet Office)

Details on how many private members' bills starting in both the House of Commons and House of Lords from the 2019 General Election to the 2021-22 session are available on the Parliament website at: https://commonslibrary.parliament.uk/research-briefings/sn04568/. In the current parliamentary session the following private members' bills have reached Royal Assent:

Bill title

House of introduction

Ballot Secrecy Bill

Lords

Carer’s Leave Bill

Commons

Child Support Collection (Domestic Abuse) Bill

Commons

Co-operatives, Mutuals and Friendly Societies Bill

Commons

Electricity Transmission (Compensation) Bill (formerly Electricity and Gas Transmission (Compensation) Bill)

Commons

Employment (Allocation of Tips) Bill

Commons

Mobile Homes (Pitch Fees) Bill

Commons

Neonatal Care (Leave and Pay) Bill

Commons

Offenders (Day of Release from Detention) Bill

Commons

Pensions Dashboards (Prohibition of Indemnification) Bill

Commons

Protection from Redundancy (Pregnancy and Family Leave) Bill

Commons

Shark Fins Bill

Commons

Supported Housing (Regulatory Oversight) Bill

Commons

In addition, the following private members' bills are awaiting Royal Assent. These bills originated in the House of Commons:

  • Child Support (Enforcement) Bill

  • Employment Relations (Flexible Working) Bill

  • Equipment Theft (Prevention) Bill


Written Question
Mutual Societies
Thursday 25th May 2023

Asked by: Jonathan Reynolds (Labour (Co-op) - Stalybridge and Hyde)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many officials in his Department work on policies relating to mutual societies.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The Treasury allocates resources based on the priorities of the department, and officials within the Financial Services Group of HM Treasury provide advice to ministers on issues related to the mutuals sector. Resourcing is kept under regular review to ensure priorities are delivered.

The government recognises the value that mutuals bring to the UK economy. That is why we are taking appropriate steps to ensure that the legislative framework in which mutuals operate under is both a modern and supportive business environment.

As part of the Financial Services and Markets Bill, the Government is amending existing legislation so that credit unions in Great Britain can offer a wider range of products and services. In due course the government will also bring forward legislation to amend the Building Societies Act 1986, which will give building societies further flexibility in raising funds and modernise corporate governance requirements.

In addition, the government is supporting Sir Mark Hendrick’s Private Member’s Bill which would allow co-operatives, mutual insurers, and friendly societies further flexibility in determining for themselves the best strategies for their business, relating to their surplus capital and restrictions on the use of these assets.

Furthermore, the government is in active discussions with the Law Commission on options to proceed with a review of both the Co-operative and Community Benefit Societies Act 2014 and the Friendly Societies Act 1992 with a view to launching the reviews in the next financial year.


Written Question
Cooperatives
Monday 15th May 2023

Asked by: Rachael Maskell (Labour (Co-op) - York Central)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an estimate of the number of registered co-operatives that operated in the UK in each year since 2010.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

Annual statistics on credit unions in the UK are publicly available from the Bank of England website. Details of registered co-operative societies and the years they are or have been active can be accessed from the Mutuals Public Register.

Additionally, the latest Co-op Economy Report reveals that the number of independent co-operatives in the UK grew by 1.2% in 2020, despite the challenges posed by the Covid-19 pandemic. There are now over 7,000 independent co-operatives, with more than 250,000 employees and nearly 14 million UK co-operative members. These co-operatives contributed £39.7 billion to the UK economy in 2021, up by £1.1 billion from 2020.


Written Question
Credit Unions
Monday 15th May 2023

Asked by: Rachael Maskell (Labour (Co-op) - York Central)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an estimate of the number of credit unions operating in the UK in each year since 2010.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

Annual statistics on credit unions in the UK are publicly available from the Bank of England website. Details of registered co-operative societies and the years they are or have been active can be accessed from the Mutuals Public Register.

Additionally, the latest Co-op Economy Report reveals that the number of independent co-operatives in the UK grew by 1.2% in 2020, despite the challenges posed by the Covid-19 pandemic. There are now over 7,000 independent co-operatives, with more than 250,000 employees and nearly 14 million UK co-operative members. These co-operatives contributed £39.7 billion to the UK economy in 2021, up by £1.1 billion from 2020.


Written Question
Credit Unions: Regulation
Tuesday 14th March 2023

Asked by: Catherine West (Labour - Hornsey and Wood Green)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the policy statement by the Prudential Regulation Authority entitled CP7/22 – Credit Unions: Changes to the Regulatory Regime, whether he has made a recent assessment of the potential impact of the restrictions to capital investment in credit unions set out in that paper on trends in the levels of growth in the credit union sector.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The Prudential Regulation Authority (PRA) is an independent, non-governmental body responsible for regulating and supervising the financial services industry, including credit unions. Although the Treasury sets the legal framework for the regulation of credit unions, it has limited powers in relation to the PRA’s decision-making processes, including any proposed changes as part of their sectoral consultation work.

Regulators are obligated to provide a cost benefit analysis on any proposed changes and an estimate of those costs and benefits if reasonable. This consultation paper includes a cost-benefit analysis; the PRA estimates that any costs are, overall, proportionate to the additional risks involved.

The Government is a strong supporter of the mutuals sector and recognises the unique role credit unions play in their communities, providing savings and affordable loans to their members. As part of the Financial Services and Markets Bill, the Government is bringing forward changes to the Credit Unions Act 1979 to allow credit unions to offer a wider range of products and services. This will allow credit unions to continue to grow sustainably in the future and support them in the vital role they play in financial inclusion.


Written Question
Credit Unions: Regulation
Tuesday 14th March 2023

Asked by: Catherine West (Labour - Hornsey and Wood Green)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Prudential Regulation Authority's consultation paper entitled CP7/22 – Credit Unions: Changes to the Regulatory Regime, published 21 September 2022, what assessment he has made of the potential impact of a 50 per cent cap on interest-bearing deferred shares on (a) the ability of the sector to raise capital and (b) access to finance for financially excluded consumers.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The Prudential Regulation Authority (PRA) is an independent, non-governmental body responsible for regulating and supervising the financial services industry, including credit unions. Although the Treasury sets the legal framework for the regulation of credit unions, it has limited powers in relation to the PRA’s decision-making processes, including any proposed changes as part of their sectoral consultation work.

Regulators are obligated to provide a cost benefit analysis on any proposed changes and an estimate of those costs and benefits if reasonable. This consultation paper includes a cost-benefit analysis; the PRA estimates that any costs are, overall, proportionate to the additional risks involved.

The Government is a strong supporter of the mutuals sector and recognises the unique role credit unions play in their communities, providing savings and affordable loans to their members. As part of the Financial Services and Markets Bill, the Government is bringing forward changes to the Credit Unions Act 1979 to allow credit unions to offer a wider range of products and services. This will allow credit unions to continue to grow sustainably in the future and support them in the vital role they play in financial inclusion.


Written Question
Prudential Regulation Authority
Tuesday 14th March 2023

Asked by: Catherine West (Labour - Hornsey and Wood Green)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will hold discussions with the Prudential Regulation Authority on the potential merits of making an assessment of the proposal for a 50 per cent cap on interest-bearing deferred shares.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The Prudential Regulation Authority (PRA) is an independent, non-governmental body responsible for regulating and supervising the financial services industry, including credit unions. Although the Treasury sets the legal framework for the regulation of credit unions, it has limited powers in relation to the PRA’s decision-making processes, including any proposed changes as part of their sectoral consultation work.

Regulators are obligated to provide a cost benefit analysis on any proposed changes and an estimate of those costs and benefits if reasonable. This consultation paper includes a cost-benefit analysis; the PRA estimates that any costs are, overall, proportionate to the additional risks involved.

The Government is a strong supporter of the mutuals sector and recognises the unique role credit unions play in their communities, providing savings and affordable loans to their members. As part of the Financial Services and Markets Bill, the Government is bringing forward changes to the Credit Unions Act 1979 to allow credit unions to offer a wider range of products and services. This will allow credit unions to continue to grow sustainably in the future and support them in the vital role they play in financial inclusion.


Written Question
Universities: Business
Monday 16th January 2023

Asked by: Rachael Maskell (Labour (Co-op) - York Central)

Question to the Department for Education:

To ask the Secretary of State for Education, whether she has made a recent assessment of the potential role of universities in helping to grow (a) social enterprises, (b) community interest companies, (c) cooperatives and (d) mutuals in their local areas.

Answered by Robert Halfon

The department has not undertaken such an assessment. However, universities play a key role in supporting economic growth in their local area. For example, universities can work with Local Enterprise Partnerships to create an environment which encourages initiatives such as co-operatives and mutuals to start and grow.

More generally, the higher education (HE) sector is essential to the success of our economy and society. Analysis conducted by Frontier Economics of HE providers in England found that in 2018/19, English universities contributed over £52 billion to GDP, directly provided 360,000 jobs and supported a further 455,000 jobs across their localities and the wider economy.

High-quality HE and research across the country are key to delivering successful outcomes for students, providing the skills our businesses and services need, and injecting innovation into our economy.


Written Question
Cooperatives: Economic Situation
Monday 9th January 2023

Asked by: Preet Kaur Gill (Labour (Co-op) - Birmingham, Edgbaston)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the contribution of the co-operative sector to the UK economy.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The Government is committed to having a thriving co-operatives sector and creating a modern and supportive business environment in the UK. The Government acknowledges the vital contribution co-operatives make to the economy, serving local communities up and down the UK. For instance, the Co-op Economy Report 2021 conducted by the trade body Co-operatives UK found that co-operatives contributed £39.7 billion to the UK economy in 2021, up £1.1 billion from 2020.

At Budget 2021, the Government announced the £150m Community Ownership Fund. This allows community groups to bid for up to £250,000 matched-funding to help them buy or take over local community assets at risk of being lost and run them as community-owned businesses, supporting co-operative entrepreneurship. To date, 71 projects across the UK have benefitted from the fund.

Most recently, the Government is supporting a Private Members' Bill on Co-operatives, Mutual Insurers, and Friendly Societies, which will grant HM Treasury the power to bring forward regulations to give those mutuals further flexibility in determining for themselves the best strategies for their business regarding their surplus capital.

Furthermore, the Government also aims to continue to develop a modern and supportive business environment to set co-operatives and mutuals up for success. As part of this, the Government is currently exploring options for reviewing key pieces of legislation underpinning the co-operatives and mutuals sectors.