Prime Minister Mark Carney has been clear that Canada is at a “hinge moment” — a rupture with the past. But that moment is not only about global uncertainty. Canadians are feeling it in their household finances, housing markets, and access to essential services. The assumptions that shaped economic life for decades no longer feel reliable.

The task before us is not simply to manage temporary shocks. It is to rebuild an economy people can trust: one that delivers national growth while giving communities more stability, accountability, and a greater stake in the institutions that serve them.

Recent national research in Canada shows what many elected representatives hear every day: people are deeply concerned about affordability, housing, and inequality. More importantly, many believe the economic system is increasingly not working for them. That should concern every policymaker.

The situation in the UK is similar. As the UK advances that agenda under the first Labour and Co-operative Prime Minister Andy Burnham, a question is gaining attention on both sides of the Atlantic: who owns the economy, who benefits from its success, and how can essential services be more accountable to the people they serve?

As lawmakers on both sides of the Atlantic, we see this as a call for practical reform, not for abandoning markets. People want an economy that is competitive and productive, but also more rooted, accountable, and able to deliver long-term value where they live.

Co-operatives and mutuals are a proven answer: member-owned enterprises that reinvest value in the people and communities they serve. They are not a niche alternative. Over a third of Canadians already belong to at least one co-op, credit union, caisse or mutual, and the UK sector represents 65 million memberships — close to the total population.

The economic contribution is significant. Canada’s co-operatives generate $119.4 billion annually in revenues, hold $769.1 billion in assets, and directly employ 179,505 people. They are active in areas where public pressure is highest: housing, food and agriculture, finance, insurance, and essential services. In the UK the sector generates a combined annual income of £180 billion and employs around 1.5 million people. Mutual banks – the UK’s building societies – are the largest mortgage lenders in the country. This is not an abstract model; these businesses are already part of both countries’ economic fabric, and have been tackling our most pressing affordability and resilience challenges for generations.

Co-operatives also challenge the outdated assumption that shared ownership means weaker performance. Evidence has shown they outperform traditional small and medium-sized enterprises in innovation rates and in the adoption of advanced technologies. Canadians also consistently rate them higher than traditional corporations on fairness, community investment, and long-term responsibility.

Public support is not the challenge. Scale is.

In the United Kingdom, this recognition has sparked a major policy shift. The government has committed to doubling the size of the co-operative and mutual economy, reflecting a growing understanding that resilient economies need business models with embedded local accountability. That commitment is creating a serious conversation about ownership, competition, public value, and how essential services can better serve the people who rely on them. The UK Government has announced it will appoint a Co-operatives and Mutual Business Champion to help drive this agenda.

More recently, Australia has done the same. The governing Labour Party has resolved to support co-operatives, mutuals, credit unions and customer-owned banks which bring innovation, new products, competition and quality jobs to the market.

Canada has the same opportunity. We should not wait for others to prove the value of a model we already have. Co-operatives and mutuals are established across Canada, trusted by Canadians, and well aligned with the federal government’s ambition to build a stronger, more productive, and more resilient economy.

Yet current policy frameworks still tend to assume that investor-owned firms are the default business model. Capital markets, financing rules, procurement systems, business development programs, and data collection often fail to recognize co-operatives on equal terms. The result is not a lack of potential, but a structural disadvantage that limits growth.

Leveling the playing field would not require government to replace markets or create an entirely new economic architecture. It would mean ensuring co-operatives can access capital, procurement, advisory services, housing and infrastructure programs, and regional development tools on equivalent terms. It would also mean measuring the sector properly, so policymakers can see where co-operatives are already delivering value and where they could do more.

That is why the upcoming launch of Co-operatives and Mutuals Canada’s Power the Economy report, alongside a September 24 Parliamentary Reception on Parliament Hill, is so timely. At a moment when Canadians are questioning whether the economy is delivering for people and communities, the report offers a practical blueprint for building a more stable, trusted, and inclusive economy.

We will be joined at the Parliamentary Reception by parliamentarians, policy advisors, and sector leaders to discuss how co-operatives, mutuals, credit unions, and caisses are helping build the resilient economy Canadians want. The event will also provide an opportunity to learn from the United Kingdom’s commitment to expanding its co-operative and mutual sector. As the UK advances that agenda under the first Labour and Co-operative Prime Minister Andy Burnham, a question is gaining attention on both sides of the Atlantic: who owns the economy, who benefits from its success, and how can essential services be more accountable to the people they serve?

At this hinge moment, Canada and the UK should be asking not only how to grow the economy, but who gets to shape it, own it, and benefit from it. Co-operatives and mutuals offer a practical, trusted, and proven answer. If we are serious about building an economy that works for more people, they should be treated not as a side note, but as a core pillar of our economic strategy.

Lucie Moncion is a Canadian senator. Andrew Pakes is the UK government’s envoy for co-operatives and mutuals.

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