I am grateful to the hon. Gentleman for his clarification. I believe that for a successful economy, there does need to be that diversity and spread of different models and different institutions—fully commercial enterprises, co-operatives, friendly societies and mutuals.
As a committed free marketeer, which I accept the hon. Gentleman perhaps is not, those are the building blocks for a successful economy, and I certainly would not seek to diminish the role of building societies and mutuals in securing that diverse, successful and buoyant economy. We can certainly find some common ground there.
Having highlighted the wealth of friendly societies, mutuals and co-operatives across my constituency and their value to the United Kingdom economy, let me say that this Bill is a welcome bringing up to date of the legislation. I look forward to hearing my hon. Friend the Minister confirm the Government’s full support for the Bill as it passes Third Reading and goes to the other place. I hope to see it receive Royal Assent before too much longer.
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