Mark Ferguson

I have to make progress—sorry. Additionally, the Government asked the Financial Conduct Authority and the Prudential Regulation Authority to produce, by the end of 2025, a report on the wider mutuals landscape, which is well under way. The Government are continuing to fund the Law Commission’s independent review of the legislation that governs co-operative societies in Great Britain, which is expected to be published later this year. That review will consider ways to update and modernise the legislation for co-operatives and community benefit societies, including on methods of raising capital, to ensure that those societies operate in a supportive regulatory and legislative environment. That is exactly the sort of access to capital that my hon. Friend the Member for Norwich North referenced. The Government look forward to reviewing the report when it is published, and will consider its recommendations closely. Of course, our commitment to doubling the size of the sector is an ambitious target that requires a cross-Government effort, as my hon. Friend the Member for Oldham West, Chadderton and Royton rightly noted. The Treasury works closely with other Departments on achieving that ambition, and will continue to do so, and the Department for Business and Trade has also taken steps to support the sector. It has announced a call for evidence to explore how the Government can better support co-operatives, and has included co-operatives and alternative business models in its business support initiatives, such as the growth hubs and the business growth service. The Ministry of Housing, Communities and Local Government has provided support for co-operatives in its Pride in Place strategy. Its new co-operative development unit will work closely with local and combined authorities to support the growth of local co-operative and mutual economies. Beyond those examples, Departments across Government, including the Department for Environment, Food and Rural Affairs and the Department for Culture, Media and Sport, have been considering how the co-operative sector can support their priorities. This is a united, cross-Government effort that reflects our commitment to a diverse and resilient economy with a range of business models. As today’s discussion has shown, the Government remain committed to supporting the growth of the co-operative sector now and in the future, recognising the important role of co-operatives and mutuals in our economy. I thank all Members who spoke in this important debate—because co-operation is an essential part of rebuilding Britain.