Responding to recommendations made by Graeme Nuttall in his independent review of the sector, the Government has approved plans for a range of activity that will help to grow the number of businesses that become or convert to the employee ownership model.
The plans include assessing whether to establish an independent Institute for Employee Ownership, an ‘off the shelf’ model for setting up an employee owned business, work to examine the guidance on tax issues relating to employee ownership, a guide for staff and employers to request and agree an employee ownership takeover and work with the John Lewis Partnership to examine the barriers to funding for private sector employee owned companies.
Deputy Prime Minister, Nick Clegg said:
“Businesses that are owned by their employees produce more, grow faster, keep their workforce happier, and pay staff more fairly. Graeme’s report makes clear that sharing ownership means sharing success.
“Our economy suffered a massive heart attack – now we have to build our strength back up. To pump oxygen back into the system and get Britain working again, it’s got to be out with the old and in with a new more diverse economy that is fairer for all.
“The plans we’re setting out today are the first important steps in boosting this burgeoning sector.”
Jo Swinson said:
“There has never been a more important time to create the right environment for different ways of running a business. Employee-owned companies have proved to be flexible and resilient during tough times, and have a clear role to play in securing long-term economic growth. So I’m very pleased to be taking the first steps to implementing Graeme Nuttall’s recommendations.
“Graeme set us a challenging agenda and our response is equally ambitious. We will address one of the biggest barriers to take-up of employee ownership schemes: awareness that it exists. We will improve access to the information and help people understand what they need to start up and run an employee-owned business. And we will clarify what practical steps businesses need to take in order to become employee owned, as well as encouraging more business owners to consider it. We will develop helpful toolkits for employees to use when requesting employee ownership, and to help employers when agreeing to it. Our action plan will boost employee ownership in the UK and help give new impetus to a business model we want to see thriving across the country.”
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- LORENZO CHERIN 12th Feb - 4:08pm
David Thank you .I actually would not agree with some of what you say , in its detail , while understanding your thrust . I...
- expats 12th Feb - 4:05pm
LORENZO CHERIN 12th Feb '16 - 3:33pm....expats.....I understand your point of view.....................I believe the public with one view do not exist . Many understand where...
- Stephen Hesketh 12th Feb - 3:56pm
Antony Hook | Thu 11th February 2016 - 7:45 am Antony, apologies for wandering off the very important point you are making.
- LORENZO CHERIN 12th Feb - 3:52pm
PS Stephen, when I say group think I do not mean older and or left wing Liberals in our party are part of some sort...
- David Evans 12th Feb - 3:46pm
Lorenzo, I think a lot of what you say is excellent, and accords very much with my thoughts. Nick was not a bad man, but...
- David Raw 12th Feb - 3:45pm
"A system of taxation which is designed to discourage more harmful use." What on earth does that mean ?
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