Labour MP Adrian Bailey thanked Simon Kirby MP, Economic Secretary to the Treasury during the Budget debate for meeting with him recently and listening to his concerns about co-operatives.

The West Bromwich West MP welcomed the announcement in the Spring Budget about the removal of red tape for smaller co-operatives, helping to put them on a level playing field with other business forms.

The Chancellor announced yesterday that the Government will bring forward legislation to reduce the regulatory burden on small co-operatives, increasing the turnover threshold for which co-operatives are required to conduct a full audit from £5.6 million to £10.2 million, and the assets threshold from £2.8 million to £5.1 million. By aligning these thresholds to those of companies, small co-operatives will be able to use more of their resources to benefit their members.

Simon said, “I was pleased to meet with Adrian Bailey MP and listen to his concerns about Co-operatives. It’s great news that the Chancellor has included this measure within his budget.”