It was a pleasure for me to recently host an event in the Scottish Parliament to celebrate the 250th anniversary of the first ever building society. I am delighted that Holyrood had the honour of hosting the first of these receptions ahead of our colleagues in Westminster, Cardiff Bay and Stormont, particularly given Scotland’s strong connection with the organisations represented by the Building Societies Association .

Financial mutuals are found right across Scotland in credit unions and building societies.

There are six building societies with a presence on Scottish high streets and over twenty-one million people are building society members across the UK, mutualised financial services play an important role in the lives of many people in Scotland.

I have personally long been a supporter of the important role building societies play, ever since my youth when I opened my first ever account with the Newcastle Permanent Building Society. Indeed, I extended this commitment by later opening an account with the Trustee Savings Bank. Whilst these examples may show my age a little, my personal experience with the building society and credit union sector has shown me the benefits of banking that works for ordinary people rather than shareholders.

In the run up to the 2026 Scottish Parliament election I am sure that the Scottish Co-operative Party will work hard to find policy solutions which support mutual financial institutions such as building societies and credit unions. Solutions which support financial institutions which they people own as members.