ALL private firms with more than 250 staff would have to set up “ownership funds” to give workers a financial stake in their companies under plans set out by John McDonnell yesterday.
The shadow chancellor said he wants to deliver an “irreversible shift in wealth and power in favour of working people” as Labour prepares for a general election within months.
Mr McDonnell also told the Observer that Labour must be ready for an election because the Tories are on the brink of collapse.
He said: “What this [policy] will ensure is that, in large companies, in addition to rewarding workers with wages, they will reward them with shares that will go into a pool that will allow them to have an ownership role.”
Mr McDonnell predicted that the Tories will “rip themselves apart” in the autumn following party conference season.
He said: “My argument is that they should move on and let us get on with the negotiations and, if not, call a general election.”
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by joining the 501 club.
Just £5 a month gives you the opportunity to win one of 17 prizes, from £25 to the £501 jackpot.
By becoming a 501 Club member you are helping the Morning Star cover its printing, distribution and staff costs — help keep our paper thriving by joining!
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by become a member of the People’s Printing Press Society.
The Morning Star is a readers’ co-operative, which means you can become an owner of the paper too by buying shares in the society.
Shares are £1 each — though unlike capitalist firms, each shareholder has an equal say. Money from shares contributes directly to keep our paper thriving.
Some union branches have taken out shares of over £500 and individuals over £100.
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by donating to the Fighting Fund.
The Morning Star is unique, as a lone socialist voice in a sea of corporate media. We offer a platform for those who would otherwise never be listened to, coverage of stories that would otherwise be buried.
The rich don’t like us, and they don’t advertise with us, so we rely on you, our readers and friends. With a regular donation to our monthly Fighting Fund, we can continue to thumb our noses at the fat cats and tell truth to power.
Donate today and make a regular contribution.