Feeling Mutual

The problem with the Co-op Bank was precisely that it never was a proper mutual.

It was just a bank that happened to be owned by the Co-op Group. Banks may not, legally, be co-operatives.

And then it demutualised the Britannia. We all know what happened next.

Still, not a penny of public money has been needed in order to rescue it.

Onwards to the solution, then: full mutualisation.