New clause 9 - Application of company accounts
Co-operatives and CommunityBenefit Societies Bill
3:45 pm
Mr Gareth Thomas (Harrow West, Labour)
I support my hon. Friend the Member for Edmonton. He is absolutely right to flag up the lack of a level playing field for co-ops and companies, and to highlight the significant additional costs that co-ops occasionally incur as a result of the differences. I understand that it can cost the largest of the co-ops—the Co-op group—£250,000 extra to meet the same provisions as companies. The matter needs urgent consideration, and suitable changes should be made through legislation or deregulatory provisions. I recognise that this is a probing new clause, but I hope that my hon. Friend the Minister will offer some assurance to those of us who are concerned about the difference between company and co-op provisions.