Peter Gibson MP has supported the Co-operatives, mutuals and friendly societies bill as it was debated and passed its second reading in the House of Common’s today (28/10/22).
The Bill was introduced in the House of Commons on 15 June 2022 by Sir Mark Hendrick MP for Stockport. The Bill aims to make it easier for co-operatives to get attract investment whilst retaining their democratic structures, ensuring they work in the interest of, and are owned by, their members.
This Bill provides HM Treasury with the power to make regulations which would allow cooperatives, mutual insurers, and friendly societies to opt to restrict the use or dealing of their assets. While also brings friendly societies law up-to-date and establishes tax neutrality for Mutuals Deferred Shares.
The bill secured cross party support, passing its second reading without the need for a division. It will now continue its legislative journey through the House of Commons.
Speaking during the debate Peter Gibson highlighted the important community and charity work carried out by the Darlington Building Society and the Darlington Credit Union, describing them as a “fantastic example of the good mutuals can do in our communities”
Further, Peter Gibson highlighted that “Mutuals have a hugely important role to play in our communities in terms of education, engagement, charity and fundamentally the financial services they offer.”
