Said Mr Stephenson: “The ConDem Coalition has failed its first big test on co-operatives after less than three months. By reneging on their commitment to re-mutualise Northern Rock, Vince Cable has shown that their devotion to a new approach to the economy is just a sham. Just like David Cameron’s Big Society, this is a Big Con. They are dumping all of their promises one by one and showing that they are just like the last Conservative Government which de-mutualised our building societies. Once again, they have betrayed the Co-op Movement.”
Mr Stephenson added that, in contrast, Labour had committed itself to re-mutualising Northern Rock in its 2010 general election manifesto and said that, despite the coalition’s u-turn, the Co-operative Party would continue its ‘Feeling’s Mutual’ campaign in support of a strong mutual sector.