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The growing co-operative economy

Friday, July 22, 2011

The co-operative business sector outperformed the wider UK economy during 2010 according to a new report issued by Co-operativesUK. The combined turnover of all UK co-operatives grew by 4.4% compared to a growth of 1.3% for the economy as a whole.

 

The co-operative sector is now worth 33.2 billion and has grown by 21% since the start of the financial downturn in 2008. In addition co-operative membership increased by 18% since 2008 to around 12.8 million, which means one in five of the entire UK population is a member of a co-operative.

 

The UK now has about 5,450 co-operative businesses in a variety of fields employing around 236,000 people. There has been a growth in the number of new co-operative business and overall they appear to be working efficiently and effectively in the current economic climate.

 

Meg Munn commented:

 

“I’ve been a co-operative member for many years and a strong supporter of mutual trading organisations, so I find this information as really good news. The financial shock of 2008 helped many people see that belonging to an organisation that has strong ethical ties is important in today’s changing world.

 

Being a Co-operative Party Member of Parliament, as well as a Labour one, gives me particular pleasure that more people are joining co-operative and mutual organisations.

 

Long may it continue.”

 

To read the report visit: http://www.uk.coop/economy2011

 


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