BSA Welcomes Ownership Commission Report
The Building Societies Association warmly welcomes the publication today of the report of The Ownership Commission. Commenting, Adrian Coles, Director-General of the BSA said:
"This report comprehensively examines the importance of ownership and strongly advances the case for a diverse set of ownership structures to improve both economic growth and resilience. Currently a single corporate form – the plc – dominates the UK economy to a much greater extent than in other comparable countries. There are opportunities to improve diversity through the expansion of existing structures such as co-ops, building societies, partnerships, employee owned firms, family owned firms, and industrial and provident societies.
"For many years the BSA has pointed out the weakness of putting all the country's eggs in the plc basket, and enthusiastically endorses the Commission's conclusion that a healthy economy requires a diversity of ownership types that encourages customer choice as to where they buy; employee choice as to where they work; and organisational choice on how they run their affairs. The report should mark the beginning of the end of the corporate monoculture that has – certainly in financial services – damaged the UK economy in recent years."
Contacts:
Hilary McVitty, Head of External Affairs
Tel: 0207 520 5926/07507 837 326
Email: hilary.mcvitty@bsa.org.uk
Notes to Editors:
. The full report from the Ownership Commission can be found at http://www.mutuo.co.uk/news/ownershipcommission/ or
http://ownershipcomm.org/
. The Building Societies Association (BSA) represents mutual lenders and deposit takers in the UK including all 47 UK building societies. Mutual lenders and deposit takers have over 25 million members, total assets of over £375 billion and, together with their subsidiaries, hold residential mortgages of nearly £240 billion, 19% of the total outstanding in the UK. They hold more than £250 billion of retail deposits, accounting for 22% of all such deposits in the UK. Mutual deposit takers account for 34% of cash ISA balances. They employ approximately 50,000 full and part-time staff and operate through approximately 2,000 branches.
Katie Wise
Policy and External Affairs Officer
Building Societies Association
6th Floor, York House
23 Kingsway
London
WC2B 6UJ
Tel: 020 7520 5904
Email: katie.wise@bsa.org.uk
Web: www.bsa.org.uk
Twitter: @BSABuildingSocs
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