Changing the way we do business
There has never been a time in which the co-operative ideal has been more important as we seek to rebuild the economy. The banks have failed, confidence is low, and the recovery is still underway. We can be rightly proud of the action the last Labour Government took to prevent us suffering from the worst of the global recession but need more to ensure a return to a stable economy.
For 150 years, the co-operative movement has been on the side of ordinary families. The original co-operative and mutual societies were formed as to help ordinary people to get good quality food at a fair price, purchase their own homes and insure themselves against unemployment. They were designed to provide mutual self-help for their members, rather than create wealth for investors. This is still their core purpose today.
We need to pioneer a new way of doing business: an approach that will underpin the long term stability of this country’s economy, and ensure that all people, not just the few, will be able to share in its rewards. As the failings of the market have led us into recession, we are starting to see a renaissance of mutual organisations, who are continuing to extend market share and deliver profits, putting people rather than shareholders at the centre of their operations.
The Co-operative Party will campaign for:
- Re-mutualising the failed banks – Mutual ownership is the best solution for ensuring a stable long-term future for these companies and ensuring that the risk taken by taxpayers will deliver for consumers in the long term. >> find out more about re-mutualisation of the failed banks
- Access to finance – Credit unions lead the way in providing services to many citizens who are often excluded from mainstream banking. We will continue to assist them to ensure that they are strong and sustainable. >> find out more about credit unions and better banking
- A new settlement between banks and society – Given the unprecedented support our financial institutions have received in the last few years, it is vital they recognise the obligation of their responsibility to society. We will campaign for the introduction of a Financial Inclusion Act, which will ensurethat banks have to serve every part of the community equally. >> find out more about our Financial Inclusion Act
- Support for co-operative and mutual enterprise – We will assist co-operative and social enterprise business structures, and the creation of new mutual and employee-owned businesses. >> find out more about developing and supporting co-op businesses
- An economy in all of our interests – By reconnecting our firms with their stakeholders and society, we’ll work to transform the way business is done. >> find out more about the economy and land reform