Andrew Pakes

This is my first speech in this House since being appointed as the Government’s co-operatives and mutuals champion, a role that speaks to my purpose in public life and gives me the responsibility of championing the co-operative and mutuals sector across Parliament and Government. It is a pleasure to contribute to a debate with my right hon. and learned Friend the Economic Secretary sat on the Front Bench; I know she is a champion for the sector in a diverse and resilient financial market. In the spirit of cross-party consensus that we have had this evening, I also pay tribute to the hon. Member for Wyre Forest (Mark Garnier), who I know secretly carries a co-operative dividend card in his wallet and is a champion of the sector as well. I am proud that this Government have an ambitious plan to double the size of the co-operative and mutual economy, and this Bill will contribute to that ambition. I am proud to take on the role that I have been given, because mutuals, building societies and credit unions embody a simple but powerful idea: that financial services should work in the interests of the people who use them. They are owned by their members, rooted in their communities and focused on long-term value rather than simply short-term shareholder returns. On taking the role last week, my first meeting was with the boards and executives of building societies from across the country, and this morning I met with Royal London. I put on record my thanks to the boards of all our building societies and credit unions, and the staff who work for them and support them in their endeavours, providing growth in every postcode already. We see people like this working in our building societies and mutuals across the country. We have seen this movement in Peterborough, just like in many other cities. In 1954, the Co-operative Permanent Building Society opened its office in our city. More than 70 years later, now as Nationwide, it continues to serve and help people to save, buy a home and access trusted financial advice. That long-term commitment to communities is exactly why building societies and the wider mutual movement remain such an important part of our economy and financial services. It brings somewhere to save, somewhere fair to borrow and somewhere that understands the communities that the institutions serve.