South West Mutual

14/06/2023

We've been quiet for a while. Here's why.
For years we worked towards starting a regional mutual bank for Cornwall, Devon, Somerset, and Dorset. One that would benefit people and businesses, build sustainable communities, and strengthen the South West's financial resilience. We achieved exciting milestones along the way!

However, it became clear that while there will be a time to launch a regional bank, that time has not yet come.

Thanks to the support and feedback of our members, we decided to progress as a lean, volunteer-led organisation.

South West Mutual is not winding up. We stand ready to respond to any changes that might significantly improve our chance of successfully launching, such as:

> Cross-party political interest could create a more favourable legal, regulatory, and funding environment

> Another region may successfully launch a mutual bank, marking the way for others of us around the country

> Major institutions could become more interested in place-based investment, expanding the pool of capital available

> Ongoing political devolution may lead to new mandates, funding, or regional bodies

To be clear: we aren't sitting around waiting for things to change. We're working behind the scenes to find lever points to make our vision possible.

The need grows every day for regional, regenerative economic inclusion. We aren't giving up.

Read more – including how to get involved – on our website.

20/06/2022

Anna Firth MP asked the House of Commons for a debate on local banking services, mentioning the Post Office Community Banking model. Whether this takes into account regional banks or not, we're glad to see the prominent issue raised again at Parliament.

07/06/2022

Regional mutual banking pops up in parliamentary debate again!

31/05/2022

In response to week, we explore five ways in which our growth-obsessed capitalist economy threatens our mental health. Working class people are struggling to cope with the spiralling cost of living and the lack of safe and affordable homes. Racial inequality and financial excl...

23/05/2022

The outgoing head of the Financial Conduct Authority, Charles Randell, asks for "regulation that listens up to the diverse needs of people across the nations and regions". We couldn't agree more.

Speech by Charles Randell, Chair of the FCA and PSR, at the Centre for Commercial Law Studies, Queen Mary University of London.

13/05/2022

The message is international 😎

No podcast desta semana falamos de banca e servizos financeiros cooperativos da man do South West Mutual Bank (Inglaterra), a Cooperativa do Val (Galiza) e Coop57 (Catalunya)

03/05/2022

Stir to Action's Playground for the New Economy returns to Devon for 2022! Festival tickets are now on sale, and include:
+ Workshops and interactive discussions
+ Beautiful open Spaces
+ Live music with London Afrobeat Collective & Mouse Outfit
+ Woodfired sauna
+ Virtual reality experiences with Animorph

Come together with over 50 figures from the new economy to share ideas and alternatives to our current political and economic landscape: www.stirtoaction.com/festival

Join us for three days of inspiring conversations, interactive workshops, idea surgeries, virtual experiences, live podcasts, and more.

29/04/2022

The report 'Social Mobility in the South West' recommends "every region in the country should have its own dedicated approach to levelling up":

Prof Lee Elliot Major says he hopes the report serves as a "wake-up call".

26/04/2022

One area in Devon has seen its branch network cut by 80% since 2015 (Plymouth, Moor View) 🤯 There are so many reasons why physical infrastructure remains a key part of the community banking vision. Which? says legislation is needed next month "if the imminent collapse of the UK’s cash infrastructure is to be avoided".

Which? research shows that since 2015, 4,685 bank branches have shut their doors, with a further 226 already scheduled to close by the end of the year

26/02/2022

The Government's 'Levelling Up the United Kingdom' White Paper quite rightly touched on the impact local banking could have on SME access to finance.

As they admitted, much more is to be done to unlock true progress in this area, but we're doing our best and continue to work with the FCA and PRA.

For accessibility, text on infgraphic reads: There have also been changes made to support local banking... Several new mutual banks, such as South West Mutual and North West Mutual, are working with the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) to be granted new banking licences. But there is more to be done. P162, Levelling Up the United Kingdom White Paper.

https://www.gov.uk/government/publications/levelling-up-the-united-kingdom

24/02/2022

Thinking outside the box + stepping away from technology = an amazing and creative workshop from Doughnut Economics! Check out the blog below to learn how the DEAL team helped people discuss ecological harm and how we can best meet people’s needs.

Exploring methods to introduce the Doughnut with Devon, Guildford and Milton Keynes

21/02/2022

A change of scenery makes a difference when it comes to working, and Stir to Action’s dedication to empowerment couldn’t be better. So check out their workaways, courses, or even the Playground for the New Economy Festival, all soon on at Selgars Mill.

The New Economy Centre at Selgars Mill is an immersive work and play campus for building a democratic economy. We empower communities and individuals with both the practical and strategic tools they need to create change.