Mutuality received a ringing endorsement from the TUC and Chelsea Building Society last week as both publicly defended the need for mutuals.
TUC general secretary John Monk described the defeat of Murray Financial's bid to turn Leek United into a bank as “brilliant news”. He said: “Its vital we keep a strong mutual sector in Britain.
“This is not just because they offer a better deal for companies that need to find profits for shareholders as well as interest for savers. They have a history of serving those who tend to be ignored by the big banks.”
Chelsea Building Society chief execuitive Michael Bage said: “Building societies continue to offer banks healthy and competitive competition to the benefit of the investing and borrowing public. It would be to the detriment of consumers if this force for competition was to disappear.”