Co-operatives

10. What steps his Department is taking to help increase the size of the co-operative sector.

The Government are committed to doubling the size of the mutuals and co-op sector. The creation of Great British Energy will help drive a significant expansion in the number of energy co-operatives, while work to modernise co-op, credit union and mutual law to drive expansion was recently announced by Treasury colleagues. We will work particularly closely with the recently established mutual and co-operative business council on this agenda. We will bring forward further proposals in due course.

Co-operative businesses can be the life- blood of our towns and communities. In my constituency, I have been working with stakeholders and interested parties to bring about a community co-operative bookshop, following the closure of independent bookshops in Southport in recent years due to the cost of living. May I take this opportunity to encourage new expressions of interest in the bookshop, and to ask the Minister to confirm what more support the Government can provide for our co-operative sector, so that towns like mine can see a thriving high street built around our community?

My hon. Friend is absolutely right to underline the positive community impacts that co-operatives, mutual businesses and social enterprises can have not only on our high streets, but in our communities more generally. We recently announced a significant increase in the capital available to the British Business Bank, and that has enabled us to give £150 million of additional support to community banks, or community development finance institutions, as they are officially known. That will help drive more lending to community businesses, potentially including the one he set out, but if there is anything I can do to support the initiative, I would be happy to meet him to discuss it.