As high street banks struggle to regain their credibility, the public’s increasingly turning to co-ops. In fact, the turnover of all UK co-operatives grew to £33bn last year – that’s 4.4%. That figure’s also more than 20% higher compared to just before the credit crunch took off in 2008.
Ed Mayo, from Co-operatives UK, said the values of shared ownership and shared wealth provide resilience in the face of economic adversities. Perhaps the example of John Lewis (pedants might argue that it’s a partnership, rather than a co-op – but you get the gist) has also provided a boost to the sector – the firm has helped prove that organisations tend to perform better when staff have a direct financial stake in their success or failure.