Stafford MP, Jeremy Lefroy, yesterday stressed the importance of building societies and mutuals to the UK. Speaking during a question and answer session in the House of Commons Chamber, he asked the Chancellor, Rt. Hon. George Osborne MP, what steps the government propose to encourage Building Societies and Mutals?

The Chancellor replied,

“Building Societies and Mutuals have an important role to play in the future, we want to strengthen them and support those who want to create Mutuals. We will set out the details of how we will do that in the next few weeks.”

Mr Lefroy welcomed the Chancellor’s answer, commenting:

“I am delighted that the Government recognises the role that these financial institutions play. In Stafford, we have the excellent Stafford Railway Building Society which has served the area for 133 years and has just celebrated a record year, despite the difficult economic situation. I will continue to advance the case for mutuals with the Government.