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Co-ops growing faster than rest of UK economy

Tuesday, July 10, 2012

Figures recently issued by Co-operativesUK show that co-operative business grew by 1.5% in 2011, twice the rate of the UK economy as a whole. This is the fourth consecutive year that the co-operative sector has outperformed the rest of UK business.

The figures also show that it is not only in growth that co-operative businesses do better, they are also much more reliant - 98% are still in operation after three years compared to 65% of all businesses. Also 88% try to minimize the environmental impact of their activities compared to 44% of all businesses who state they do not take any action in this regard at all.

Membership of trading co-operatives from 2010 to 2011 grew by 5.5% to 13.5 million people the increase from 2008 to 2011 is 19.7%. Currently the number of co-operatives in the UK is around 5,900 a growth of 23% from 2008. The largest growth by sector was in the renewable energy sector, and there are now 242 co-operative schools across the country.

Meg commented:

“The figures from Co-operativesUK are an insight into the co-operative and mutual business world. The growth of co-operative business in the face of the worldwide economic downturn is very good news.

The co-operative business model combines commercial performance and social and environmental values. The report shows that businesses structured along these lines last longer and attract much more support that much of the rest of the UK economy.” 

To see the Co-operativesUK report visit: http://www.uk.coop/economy2012

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