Frank Field: I have a dream

Article Abstract:

UK Welfare Reform Minister Frank Field has made it clear that he sees a future role for mutually-owned financial services providers, even though their numbers are declining. He is considering the possibility of developing new Approved Welfare Providers as part of the welfare reform process. These organizations would have to be owned and controlled by their members, thus being mutual in character. He feels that friendly societies and trades unions operating before the creation of the welfare state in many ways provided a better service than that now provided by the government.

United Kingdom, Beliefs, opinions and attitudes, Welfare reform, Field, Frank

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The benefits of being in a friendly society

Article Abstract:

UK friendly societies are set to benefit from the introduction by the government of Individual Savings Accounts (ISAs). They will be able to offer ISAs as well as their current tax-free, 10-year savings plans, and this will place them in a stronger position to compete with larger institutions. At present, 6 million people are part of the friendly society movement, but only 1.5 million have a tax-free savings plan. Friendly societies are keen to see an increase in the amount of cash people are permitted to invest in their 10-year savings plan.

Commercial Banks, Commercial Banking, Consumer Savings, Savings accounts

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Why my Burgundy is a socially responsible drink

Article Abstract:

There has been a clear trend in the UK over recent years towards mutual organizations such as building societies abandoning this status. However, it is now becoming more widely recognized that this is a short-term approach which cannot really be justified. Mutual organizations should be acknowledged as offering a valuable alternative model of running a collective operation. Abandoning mutual status means that everybody, including shareholders, loses the benefit of useful comparative information.

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