Labour & Co-operative Members of the Welsh Assembly came together today to formally launch the new nine-strong Assembly Group – the largest in the history of the Assembly – and give their backing to the Party’s campaign to re-mutualise Northern Rock, The Feeling’s Mutual, ahead of the campaign ‘Day of Action’ on Saturday.

Co-operative Party Assembly Members have signed a statement of opinion supporting the remutualisation of Northern Rock:-

We the undersigned support the Co-operative Party’s campaign ‘the Feeling’s Mutual’ for Northern Rock to be returned to the mutual sector as a new building society.

We believe that mutual and co-operative financial services – such as the Co-operative Bank, building societies and credit unions – offer a stable and successful alternative. Financial mutuals are owned by their customers and so act in their long term interests.

Mick Antoniw AM, Chair of the Co-operative Assembly Group said,

“I welcome this Assembly Government’s commitment to co-operative finance, particularly the growing credit union movement.

“However, unless the UK government takes steps to re-build the mutual sector that was devastated under the Thatcher government they will continue to make the same mistakes that got us into the current financial crisis.”