Sir Mark Hendrick MP’s Co-operatives, Mutuals and Friendly Societies Bill received its Third Reading in the House of Commons on 24th February 2022.
With all-party and Government support, the Bill will now proceed to the House of Lords.
The Bill will preserve mutual ownership by ensuring that assets may only be used for the purpose they were intended. This would ensure they cannot be distributed to members or third parties and disincentivises demutualisation. T
Sir Mark Hendrick MP said “Co-operatives and mutuals are an important feature in a mixed economy, when their different business purpose is recognised and allowed to flourish. Good policy is the foundation stone for this. My Bill is about giving mutuals the option to maintain mutual capital for the purpose it is intended.”
We warmly welcome the Economic Secretary, Andrew Griffith MP’s support: “Mutuals are key partners in many of the policy priorities of this government. This government is proud to support this Private Member’s Bill and other measures to promote the growth of the sector.”
Mutuo Managing Partner Peter Hunt said: “It’s been a great pleasure to work with Sir Mark on his landmark Bill to safeguard mutual assets for the purpose they were intended. We warmly welcome the level of support from across the House and look forward to working with Members of the House of Lords at the next stage of the Bill.”
