Friday, 9 March 2007

Conservative co-operates for mutual benefit

"A Conservative MP has tabled legislation to allow mutuals to transfer ownership to co-ops in a bid to discourage demutualisation.

The Financial Mutuals (Arrangements) Bill, sponsored by Bournemouth West MP Sir John Butterfill, has proposed that mutuals be able to transfer engagements to other types of mutuals, which are not in the same category (e.g. building society to co-operative)."
Full text from Co-op News at Politicsforpeople

The Bill will receive its second reading in the House of Commons on Friday March 23rd. We'd better get onto MPs to see if they can support the bill.

Looking at the first reading it has cross-bench support - I can see a Lib-Dem, a few Labour / Co-operative MP's, and Plaid Cymru. Hansard 1st reading (scroll down - bill 23)