Monday 27th November 2006
Ethical business banking has overtaken sales of products such as beer and cigarettes, according to Co-operative Bank.
The Ethical Consumerism Report, published by the Co-operative Bank, found that businesses such as Fairtrade and organic products achieved an 18 per cent increase to £5.4 billion from £4.6 billion in 2005.
Increase across all ethical businesses, including non-food products, was seen to be about 11 per cent in contrast to an average increase in household spending of 1.4 per cent.
Craig Shannon, executive director of business management, said: "Total ethical spending is spread over a wide range of products and services."
"Overall, spend on ethical foods still only accounts for five per cent of the typical shopping basket," he added.
Mr Shannon noted the importance of ethical and green products over the next decade, as scientists are predicting it is a critical time for combating the causes of climate change.
Co-operative Bank says it turned away some £10 million of business in 2005 because it conflicted with its strict ethical policy.
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