More than 70 per cent of Britain's co-operatives will no longer have to endure a full financial audit, under plans released by ministers today.
The Treasury wants to loosen the shackles on almost 5,000 co-ops and level the playing field between them and smaller companies.
Under the plans co-ops with turnover of less than £10.2m and assets under £5.1m do not need to choose an auditor. This is almost double the current thresholds of £5.6m and £2.8m respectively.
City minister Steve Barclay said the government wanted to reduce "onerous administrative burdens on these societies, saving them money".
The Treasury said co-ops could each save up to £10,000 a year under the plans.
Meanwhile, Barclay hinted at a penchant for dairy products and grabbing a local pint.
From the dairy farm that provides milk to the local community, to the brewery owned by 10 friends who all have a passion for ale, we want to see co-operatives and community benefit societies across the UK thrive and grow.
There are 7,000 co-ops in the UK, which contribute more than £34.1bn to the economy. The two largest co-ops in Britain are John Lewis and Co-operative Group Limited.
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