I am so pleased to see this Bill here today. As a proud Co-op Member, I truly hope it progresses to the next stages. I am also proud to have played my small part in getting it to where it is today. It is a version of the private Member’s Bill I brought forward in 2020, so to see it proceed to the next stage would be incredibly heartening. Legislation that supports positive social and economic transformation has never been more necessary. As we live through turbulent times, politically and economically, it is essential that we create the right regulatory framework from which we can safeguard and grow our economy. There is a need to facilitate and to protect new capital in co-operatives, without compromising their co-operative nature and without members losing control. As we know, several barriers prevent co-operatives from growing to their full potential and place them at a disadvantage, at risk of demutualisation. This Bill provides a way to ensure that co-operatives and mutuals are not compromised.
The co-operative model is truly a British success story, as my hon. Friend the Member for Preston (Sir Mark Hendrick) has ably explained. It is also truly a Welsh one and it has been at the heart of economic renewal in Wales. Robert Owen, a prominent Welsh textile manufacturer, was one of the founders of the co-operative movement, with the creation of the villages of co-operation. Co-operation is a way of life in Wales. I am proud that in Wales, and under a Welsh Labour Government, we hold the values of co-operation, fairness and social responsibility closely within our communities and in how we govern.
It would have been nice to see the full version of the Bill proceed today to enable the raising of investment and shares. I hope we see that in future. I truly support and warmly welcome my hon. Friend’s groundbreaking Bill and congratulate him on bringing it forward.
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