Daniel Monaghan Policy Officer 1st November 2024 Blog Economy Share Tweet The Budget set out by the Chancellor has begun to lay the groundwork for co-operative growth across the economy. After years of neglect by the Conservatives, it is a welcome change to have a Government committed to doubling the size of the co-operative sector. A building block for co-operative growth will be the new Small Business Strategy Command Paper coming out next year. This will develop the Government’s vision for supporting start-up and small businesses, including co-operatives specifically, to begin trading, scaling up, diversifying and entering new international markets. The strategy will focus on making it easier to access finance, which has been an impediment to co-operative and mutual growth. Sitting alongside both the Industrial Strategy and the Trade Strategy, the new Business Strategy will emphasise reviving and regenerating local high streets – with new start-ups and co-operative business. This is a welcome development, which the Co-operative Party have campaigned on in recent years, including the Unlock the High Street campaign which advocated for community-led approaches to urban regeneration. In our recent paper, Making the UK the best place to start an alternative business, co-authored with Social Enterprise UK, the Co-operative Party made the case for making Britain the most growth friendly environment for co-operatives and social businesses – including social enterprise, employee-owned firms and community businesses. The paper provided evidence on the need to make reforms on capital raising, regulation and business support to significantly boost new co-operative and social business start-ups. New changes could be made to capital raising mechanisms for co-operatives, with streams of capital being made available for co-operative growth through the British Business Bank and social investors, such as Better Society Capital. Expanded co-operative development support programmes could be available regionally, helping to achieve the Labour Government agenda for growth through devolution. Public procurement opportunities could be expanded and be made more accessible to co-operatives and social businesses, aiding sector growth while delivering enhanced social outcomes. With the right leadership and government support, Britain can become the best place in the world to start a co-operative and mutual business. We hope the forthcoming Small Business Strategy will be the first step in achieving this ambition.