Britain needs to improve the way its businesses are owned in order to create higher long term economic growth, declares the Ownership Commission today.  Government should act to ensure that all types of business, from the PLC to family, co-operative and employee owned firms, are able to play their part in creating wealth and a strong economy.  The Commission, chaired by Will Hutton, has examined every form of business ownership over the last two years. Today, at an event in London, it launches the first ever report of its type with Business Secretary Rt. Hon. Dr Vince Cable MP.

The report calls for:

•  Greater plurality in corporate ownership
•  Better stewardship of companies
•  Greater engagement of employees and shareholders

Today’s announcement that the Co-operative Group has been granted preferred bidder status for 632 Lloyds branches is a major endorsement of mutual business.  Should it complete the deal, the Co-operative Banking Group will expand from its existing 342 branches to almost 1,000.  This comes on the back of the 2009 merger between Co-operative Bank and Britannia Building Society that created the UK’s first super-mutual.

Mutuo welcomes the Government’s new Mutuals Support Programme which has been launched recently at Anglian Community Enterprise.