I am very proud to be a member of a Labour Government that has announced a significant package of support to grow the co-operative and mutual sector, marking another step towards our shared ambition to double its size. For too long, businesses owned by their members and rooted in their communities have faced unnecessary barriers to growth. These changes will help level the playing field and create an economy that works for everyone, not just a privileged few.

Regulators have now committed to playing their part in enabling co-operative and mutual growth. The Financial Conduct Authority will establish a new Mutuals Societies Development Unit, acting as a central hub of expertise to help mutuals navigate policy and legislative changes. This unit will support initiatives such as co-operative networks that enable mutuals to collaborate, grow, and build resilience. There are also new commitments to make it easier and quicker to set up co-operatives and mutuals, expand credit unions, and strengthen building societies.

These reforms will make it simpler to start and scale co-operatives and mutuals, giving communities more power and ownership in the economy. They represent a major boost for a sector that delivers fairness, accountability, and long-term value. This progress has come because of the work of the Co-operative Party and its members, alongside strong support from the Labour Government, to ensure that co-operatives and mutuals can thrive.

I am proud to be a Labour and Cooperative Member of Parliament and that our Cooperative movement continues to lead the way in creating a country that is friendly to co-operatives and mutuals and ready to support their rapid growth. This is another important step on the journey to doubling the size of the sector and building an economy rooted in fairness and shared prosperity.