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Co-operative economy outperforms market again

The UK’s co-operative economy has outperformed the UK economy for the fourth consecutive year, according to annual figures released by Co-operatives UK.

GENERAL MERCHANDISE

Co-operative economy outperforms market again

The trade body for co-operative businesses revealed there has been growth of 1.5% in 2011 compared with 0.7% in the UK economy. The figures also show that while the real level of GDP in the UK in 2011 is 1.7% lower than in 2008, the turnover of the co-operative sector has grown by 19.5% over the same period.

‘The Co-operative Economy 2012 - Alternatives to Austerity’ details how a  member-owned economy with a turnover of £35.6 billion, has experienced an 8.9% rise in the number of co-operative enterprises from 5,450 in 2010 to 5,933 in 2011 and a 5.5% rise in the number of memberships from 12.8 million in 2010 to 13.5 million in 2011.

Retail (71.7%), agriculture (11.4%) financial services (6.2%) remain the dominant parts of the co-operative sector by turnover and co-operatives owned by consumers comprise 96% of the co-operative economy’s value.

The largest co-operatives in 2011 included The Co-operative Group, John Lewis Partnership, Midlands Co-operative Society and United Merchants, the UK’s largest merchant co-operative and invoice clearing house for the building products industry with a turnover in excess of £850 million.

Areas seeing the largest growth include renewable energy co-operatives and the 242 co-operative schools now owned and controlled by communities, teachers, parents and pupils across the country.

Ed Mayo, secretary general, Co-operatives UK, explained: "This is good news for business and for our new emerging economy. At a time where our economic system is undergoing fundamental change and critical analysis as to its suitability for the future, this is evidence that broadening ownership and control, prioritizing social and environmental impact alongside profit is a resilient alternative to austerity.

"Co-operative businesses are more resilient, 98% are still in operation after three years compared to 65% of all businesses, over half of them  are in disadvantaged areas in the UK and 88% seek to minimize their environmental impact when 44% of businesses say they have taken no action whatsoever."

The full report can be can be accessed at www.uk.coop/economy2012

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