MAY 2018

EDUCATION
Co-operative College launches
International Co-operative
Development course
The Co-operative College is launching a new training course
on international co-operative development.
Starting on 10 May, the course will consist of two webinars
and a day school to
show how co-ops can
empower communities
around the world. It will
build on the College’s
15-year experience of cooperative
development
training, which has
covered countries such
as Malawi, Sri Lanka
and Rwanda.
Participants will learn
about the diversity and
reach of the global cooperative
movement and
explore the similarities
p Dr Benson with CEPEESM
project manager John Mulangeni
in Malawi last year
and differences in how co-ops work in the UK and
other countries. And they will look at the “co-operative
difference” in international development and the role of
education in this.
The workshops will be delivered by the College’s Dr Sarah
Alldred, project development manager, and Dr Amanda
Benson, projects and research co-ordinator.
FINANCE
Ecology Building Society reports
profit and growth in savings
The Ecology Building Society’s results for the year ending 31
December 2017 show record assets and growth in savings.
The ethical finance provider, which supports green
building practices, energy efficiency and sustainable living,
reported record assets of £178.7m, up from £173.1m in 2016,
and gross lending of £28.2m, down from £30.7m. In all,
78% of mortgages were advanced on residential properties
(including new builds, renovations and shared ownership)
and 22% on community-led housing (including charities,
community land trusts and housing co-ops) and nonresidential
properties such as sustainable businesses.
Savings balances grew to £167.8m, from £163.1m in 2016.
Profit was £915,000, down from £920,000 in 2016, marking
more than 30 years of uninterrupted profitability.
Chief executive Paul Ellis said: “Recent initiatives such as
the report of the government’s Green Finance Taskforce are
positive signs of a growing interest in Ecology’s sustainable
lending model, demonstrating how finance can support the
transition to a low-carbon economy.”
ECONOMICS
First ‘Fair Tax Fortnight’ announced
The UK’s first Fair Tax Fortnight has been announced for 9-24
June 2018.
Organised by the Fair Tax Mark, with support from the
Friends Provident Foundation and the Joffe Charitable Trust,
the event will be a UK-wide “celebration of the companies
and organisations that are proud to pay their fair share
of corporation tax”.
The Fair Tax Mark was launched in 2014 to allow businesses
that are paying tax in a responsible way to demonstrate this
commitment to their customers, contractors and associates.
Midcounties Co-operative, Unity Trust Bank and the Phone
Co-op were the first businesses to be accredited by the new Mark,
and since then the scheme has continued to be supported by
co-operatives. Among the 1,500 shops and offices accredited
are the Co-op Group and Revolver Coffee Co-operative, as
well as AMT Coffee Bars and Richer Sounds.
“Corporation tax is often presented as a burden, but it shouldn’t
be,” said Paul Monaghan, chief executive of the Fair Tax Mark.
“Not when considered against the huge array of public services
it helps fund – from education, health and social care, to flood
defence, roads, policing and defence.
“It also plays a crucial role in holding the whole tax system
together – helping to counter financial inequalities and rebalance
distorted economies.”
To mark the start of the fortnight, a Fair Tax Conference will be
held to explore key topics such as responsible tax planning; how to
tackle tax avoidance; and the case for Corporation Tax. The event
will be sponsored by SSE, the first FTSE 100 business to become a
Fair Tax Mark organisation.
The Fortnight will be also be supported by a dedicated
online portal that will detail Fair Tax developments and events
across the UK.
“Too often, tax makes the headlines for all the wrong reasons,”
added Mr Monaghan. “There is an almost daily stream of stories
of evasion and aggressive avoidance – which not only distort
our economy but also undermine the opportunity for business
to compete fairly.”
It is estimated that €600bn of corporate profits shifted to tax
havens each year, with annual corporate tax revenue losses
of €200bn globally.
“Polls of consumers consistently reveal that one of their
biggest concerns about business is the fair payment of tax,”
said Mr Monaghan. “That’s why we’re committed to championing
those organisations that recognise the need for business to play
its part in contributing to these vital public services, operating
on a level playing field and making a positive contribution to the
economy and the communities they operate in.”
8 | MAY 2018