In 2012, British co-operatives collectively reported a £37 billion turnover — an increase of 3.3 per cent on the previous year and 11 times faster compared to the UK GDP of 0.3 per cent. This figure has also climbed by 20 per cent since the start of the recession in 2008.
These figures will form a part of the International Co-operative Alliance’s World Co-operative Monitor, which is due to be released in November. Globally, the overall UK economy is ranked 15th, according to GDP, while in terms of the co-operative economy, the country is ranked eighth according to the Monitor.
Two of the top ten consumer and retail co-operatives in the world are British, which between them account for 15 per cent of the top ten global co-operative retail turnover
Released by national body, Co-operatives UK, the annual ranking of British co-operatives also revealed an all time high of co-operative memberships, with 15.4 million being reported last year an increase of 36 per cent since 2008 and 13.6 per cent on the previous year.
The number of co-operative businesses in the UK has also risen by 28 per cent since 2008 and four per cent in the past twelve months.
Ed Mayo, Secretary General of Co-operatives UK and Chair of the ICA’s Communications Committee, said: “A record number of people in the UK are now members of co-operatives. They are economically active within those co-operatives and have a big stake in making them a success. This is why we can still see growth in the co-operative economy – despite the very tough economic trading conditions. More and more Briton’s are turning to co-operatives, taking greater control of their own destiny and growing their own way out of recession.”
The report outlines how local shops, owned and run by members of communities across the UK, had a combined turnover of £49m in 2012 with 51,510 members and how, in the past 12 months, more than 8,000 members have raised £9m through community share offers to register 35 new co-operative community businesses in the UK.
Courtesy: ICA