Kelly Were the ’70s re­ally so bad?

Sunday Sun - - News -

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

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