Staff will 'own' firms under Labour plan

By Jon Craig, chief political correspondent, in Liverpool
Labour is claiming workers could be up to ?500 a year better off under a plan to expand employee ownership of large companies.
In his speech at Labour's conference, shadow chancellor John McDonnell will propose making employees part-owners of their company.Under plans he trailed at the TUC a fortnight ago, every company with over 250 employees will be expected to create an "inclusive ownership fund".
Staff will 'own' firms under Labour plan

Shadow chancellor John McDonnell will propose capping dividends to fund public services
But now he is also pledging to make €2bn more available for public services and social security by capping dividend payments at €500 and putting the rest into a social dividend."Workers, who create the wealth of a company, should share in its ownership and, yes, in the returns that it makes," Mr McDonnell will say."The evidence shows that employee ownership increases a company's productivity and encourages long-term thinking.
Staff will 'own' firms under Labour plan

'We could have a general election any day now'
"We will legislate for large companies to transfer shares into an 'inclusive ownership fund'. The shares will be held and managed collectively by the workers."The shareholding will give workers the same rights as other shareholders to have a say over the direction of their company."And dividend payments will be made directly to the workers from the fund. The dividend payments workers will receive will be up to €500 a year."That's 11 million workers each with a greater say, and a greater stake, in the rewards of their labour."

Staff will 'own' firms under Labour plan

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Responding to Mr McDonnell's plan, Chief Secretary to the Treasury Liz Truss said: "This proposal is yet another tax rise from a party that already wants to hike taxes to their highest level in peacetime history.
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