Jim Shannon

It is a pleasure to serve under your chairship, Mr Turner. I thank the hon. Member for Oldham West, Chadderton and Royton (Jim McMahon) for securing this debate. The hon. Gentleman is right that co-operatives are incredibly important, including in Northern Ireland. I will give some examples from my constituency. I am sold on the co-operative idea because it brings opportunity to those who might not have such opportunity in normal life, and it is really important that we do that. The co-operative sector is of course deeply rooted in local community and aims to reinvest in local services, to support goals and to help people elevate themselves from where they are to better, and because of that we should encourage it in every way that we can. I look forward to giving the local perspective from my constituents on how the co-operative sector goes above and beyond to help and train local people. Our co-operative sector carries a wide range of economic and social benefits both for its members and for the wider community. Co-operatives are a worthwhile alternative to traditional business models. They give a different perspective, give a different opportunity and enable people to better themselves. In my Strangford constituency, they have an impact. We have the Newtownards credit union. The hon. Member for Oldham West, Chadderton and Royton mentioned credit unions and we have buoyant credit unions in Newtownards, Portaferry and Kircubbin. The Newtownards credit union was established in 1993 and serves constituents throughout the Ards and North Down borough council area. The credit union is a member-owned financial co-operative, meaning that people living or working in the area can save and access loans. I remember when a credit union was started in Greyabbey, which then transferred to Newtownards. The first thing I did when my boys were younger was to start a credit union account for them, both to support the credit union and to give my boys an idea, at a very young age, about saving money—helping themselves while also helping others, because that is what co-operatives do. The credit unions offer a wonderful service: a community-oriented alternative to commercial banking that retains financial value within the community. As we all know, community is at the heart of everything, as it should be and as this debate will indicate. Portaferry Cohousing undertakes fantastic work in housing and accommodation. Residents are involved in the design and the ongoing management of a small development and its communal spaces. That is crucial to the co-operative sector, as members collectively own and participate in the governance of their housing environment, rather than simply being tenants of a large developer or landlord. It is co-operatives at their best, doing what they do for their members and enabling them to be part of that.