Demutualisation can be a form of inter-generational theft . Most of the original founders chose to invest in these Societies because they were mutual. Private sector alternatives like the Prudential were available at the time. Demutualisation is a bit like overturning a will. The John Lewis Partnership conversion could only have taken place by rewriting Spedan Lewis s will.
Self help New Labour is in favour of mutuality.
At micro-financial level, it supports credit unions and other community investment initiatives. But all these are small beer compared with the existing mutual sector. Paradoxically, New Labour does not appear to be interested in protecting the established mutual organisations like friendly societies, building societies and co-ops. Since they have been in power more and more Building Societies have been swallowed up. The view seems to be that it s not their concern and that the public gets as good a deal or better when conversion takes place.