Co-operative and Mutual Economy 2024

• 4th Oct 2024

Executive Summary

A record-breaking year for the Democratic Economy

The Co-operative and Mutual Economy has reached record new heights, with the sector’s combined annual income soaring to £165.7 billion, more than double the amount recorded in last year’s ground-breaking report into the democratic economy.

The increase is driven by the inclusion of NHS Foundation Trusts for the first time, which added £85.3 billion. NHS Foundation Trusts have been integrated into this year’s report to reflect their unique public body model of democratic ownership and governance. Their inclusion as mutuals, alongside private enterprise, highlights the growing relevance and applicability of democratic models – across all sectors including public service – where member ownership can drive social and economic impact.

This ‘democratic economy’ boasts 9,342 independent businesses, spanning co-operatives, building societies, mutual insurers, employee-owned enterprises, and NHS Foundation Trusts. While only a marginal increase, from 9,313, it demonstrates growth and resilience – and is especially relevant in the context of a 0.9% decline in the number of UK businesses at large. It is one of several important metrics to witness growth.

• Co-operative and Mutual Economy 2024

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