Co-op boss rejects capitalist model in wanting to find an alternative

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The capitalist economic ideal is no longer working and other options must be pursued, according to the new boss of Co-operative Group.

Speaking to members at the annual meeting this weekend, Euan Sutherland said: ‘Traditional capitalist models are not providing the answer to the concerns of people today. People are looking to us to find the alternative.’

Dissatisfied: Co-op's new boss Euan Sutherland has expressed discontent with the capitalist system

His comments follow the downgrading of Co-op Bank’s credit rating by Moody’s after a deal to buy more than 600 Lloyds branches collapsed.

The mutual, which also runs funeral parlours and supermarkets, has reassured customers over finances.

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