Kelly Were the ’70s really so bad?
panies, which could result in almost 11 million workers being given up to £500 a year each.
Under Labour’s plans, legislation would require private sector companies with 250 or more employees to transfer at least 1% of their ownership into an Inclusive Ownership Fund (IOF) each year, up to a maximum of 10%. Smaller companies would be able to set up an IOF on a voluntary basis.
Additional dividends earned over £500 would go to a national fund to pay for public services and welfare – all in all, a new levy on private business worth an estimated £2.1bn a year.
According to a YouGov poll, naturally enough, it went down well with Labour supporters (70% of those asked said it was a good idea, 6% bad) and Brits as a whole (54% good, 17% bad). More worryingly for McDonnell’s opposite number Philip Hammond (remember him?), it went down well with the Tories too, with 39% saying it was a good idea compared to 34% who didn’t.
And here’s another thing that was mooted about it – would the workers be quids in if their company is taken over?
By happy coincidence, to illustrate the point, Rupert Murdoch-owned Sky is about to be bought by Comcast for £30bn.
If a workers’ fund was in place there now and held the eventual 10% stake that the Shadow Chancellor intends, in theory they would be entitled to £3bn, which would mean £100,000 each for Sky’s 30,000 staff.
Food for thought for the next election and deeply ironic that the sale of Murdoch’s company could encourage people to back Labour. Shadow Chancellor John McDonnell