Co-operative sector ‘in good health’

THE co-operative sector has “significantly outperformed” the wider UK economy following a jump in membership and turnover since the credit crunch in 2008, a report said.
By The Newsroom
Published 26th Jun 2011, 23:16 BST

Co-operatives UK, which collects data on co-operative enterprises, said membership of co-operatives has increased by 18 per cent since 2008 to 12.8 million. The combined turnover of all UK co-operatives grew by 4.4 per cent last year to £33bn, resulting in growth of 21 per cent since the start of the crunch in 2008.

Ed Mayo, secretary general of Co-operatives UK, said the sector offered lessons that could help the UK avoid repeating the problems of recent years.

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He added: “The evidence we have is of remarkably stable growth across a wide array of co-operative businesses. The values of shared ownership, shared wealth and democratic control appear to provide resilience in the face of economic adversities.

“Our co-operative economy is in good health – still further proof, to both the public and private sectors, of exactly how economic success can be pursued alongside social responsibility.”