It’s nearly a century ago since the Co-operative party was founded in Swansea in 1917.

Since then it’s grown and grown. We have 25 co-operators in the Commons. 11 co-operators in the Welsh Assembly. 8 in the Scottish Parliament. And hundreds and hundreds of councillors.

This year the party has grown to have more active members than ever before and our members have been involved in more projects in communities across the country from credit unions, to supporter owned football clubs, to housing co-operatives and ethical businesses.

These projects and businesses have helped shape and give life to communities, making a real impact locally improving the lives of many in a way which would make our pioneers proud of their legacy.

The Co-operative Party through its alliance with the Labour Party ensures working class men and women and their interests are represented in Parliament. But it also exists to champion the principles of co-operation that should be at the heart of any socialist philosophy. The principle, expressed so well by that great co-operator and lifelong member of the Royal Arsenal Co-operative Society Herbert Morrison that “We can bring into the service of our civilisation great forces and great resources if we act collectively”

By co-operation and acting collectively the Co-operative Party has achieved: consumer protection rights; legislation to protect the environment; helping give life to the agricultural co-operative movement; a crackdown on payday lenders. And now making advances in co operative energy projects and housing provision.

In Wales the Labour government has helped 59 social enterprises set up last year through Communities First funding and have committed £1.9million of capital funding to support three pilot co-operative housing projects. In local government local councils like Lambeth and Oldham are leading on clean community energy projects.

Policies, ideas, achievements, initiatives that began as resolutions as Co-operative Party branches that ultimately, because of the historic links between the Co-operative and Labour Parties, became the law of the land.

When we consider the condition of Britain and the state of our economy and the fabric of our society it’s clear that Co-operative ideals are more relevant and more pressing than ever before.

We have an economy where the numbers on zero hours contracts has surged by 20% over the past year, to over 900,000 people. 2010-2020 is set to be the slowest decade of wage growth for nearly a century. Figures from late last year showed that wealth inequality has risen for the first time in a decade. Just 10% of households currently own 45% of all household wealth in this country

In recent months the sharp practises of all that is wrong with the way our economy currently works have been exposed.

We all know of terrible abuses at Sports Direct. We’ve seen the tragic loss of BHS with big questions being asked about the millions of pounds of deficit in staff’s pension fund. Now many trusted households names are using the excuse of the so called National Living Wage to slash worker’s hours and conditions.

We have had, and we still have, a government that abdicates any responsibility to economic justice. It’s no wonder we have such grotesque inequality.

Labour’s response will be different.

We want a genuinely mixed economy, with the private sector working alongside public and social enterprise. We want to create an economy where there isn’t such a gulf between employer and employee – an economy where employees play a bigger part in owning and directing Britain’s businesses. We’re in the throes of a productivity crisis and an obvious solution is to give workers a bigger stake in their companies a voice in decision making.

With almost £40 billion contributed to the UK economy and over 7,000 businesses owned by 17 million members, the co operative model means decisions are made to better serve the community and for the long term.

The need for longer-term investment in our economy is why Labour will create a national investment bank that will drive the infrastructure, decent pay and housing Britain needs.

It’s time we put rocket boosters under and thereby ensure more co-operatives and mutuals making a bigger contribution to our wealth as a nation.

And we’ve got to keep working on the co-op’s great campaigns.

The People’s Bus campaign- championing local control, ownership and expansion of not for profit providers of local bus services. The campaign on community energy schemes, extending and supporting Credit Unions – helping some of the very poorest people and others struggling, avoid the gangster payday lenders and loan sharks

The Co-operative Party is a Party of high purpose and I am proud to be a member of it. Co-operators have always known that it’s about taking responsibility; to put into effect our values and principles of solidarity, equality, collectivism AND social justice. Values that have remained the same for 99 years and will endure for many more.