Smile at the super-mutual!

Co-operative Financial Services and the Britannia are to form a new super-mutual as 'an ethical alternative to shareholder-owned bank'.

I argued in a speech in Neath back in November that the current crisis offered a moment of progressive potential that could see a re-emphasis 'on the value of mutual solutions'. A summary of some of the points in that speech was given in my Labourlist article.

This is a very interesting development.

I notice that Britannia's Chairman is Rodney Baker-Bates, who was the Director of Finance when I was at the BBC in the 1990s, having joined the Beeb from the banking sector.