Opposition to Labour’s plan for business is a real shot in the foot for the UK’s economy

Inspirational: John McDonnell announced a great policy to involve the British workforce in wealth-creation – and employers vowed to do everything in their power to prevent it. You can see who has our best interests at heart.

You’ve got to hand it to Britain’s business leaders – they really know how to de-motivate the workforce and undermine the economy.

Labour’s John McDonnell announced a policy that would hand workers an interest in their employers’ success – and an average dividence of £500 a year – and what did the bosses do? They announced that they would do everything in their power to sabotage such a plan.

How savage. How selfish. How sickening. I heard it on BBC Radio 4’s Today programme just after 6am, as I was taking Mrs Mike and her mother to Stoke University Hospital for an operation and I nearly threw up my breakfast in disgust. Fortunately for residents of – and travellers on – the A53, I was able to hold myself in check.

Here’s Mr McDonnell explaining the new policy:

And what did business bosses have to say about that? The Financial Times provides us with a few answers:

Carolyn Fairbairn, CBI director-general, said Labour’s “diktat on employee share ownership will only encourage investors to pack their bags and will harm those who can least afford it. If investment falls, so does productivity and pay.”

Stephen Martin, director-general of the Institute of Directors, argued that the policy could cause wide-reaching damage to the UK economy. “To effectively force companies to transfer 10 per cent of company ownership from existing shareholders to employees is far too draconian,” he said. “It could have a negative effect on business investment and business formation in the UK, and undermine the functioning of UK capital markets.”

Draconian, did he say? Isn’t it more draconian to force poor wage settlements on employees in order to take an ever-larger, undeserved, share of profits? Isn’t it more draconian to deny the people who actually create those profits even the smallest say in how their company should be run? I think it is.

On the Today programme, some pundit claimed the policy would be a bonanza for employment lawyers who would be hired to find ways to prevent firms from having to pay workers a single bean.

That is the attitude of business leaders in Conservative Britain: “Never mind you, Jack – I’m all right!”

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  1. nmac064 September 25, 2018 at 7:52 am - Reply

    Not at all surprised to hear this. With these people its a case of “know your place, and if you don’t we’ll make sure you do.” They hate the idea that people might better themselves in any way whatever.

  2. Zippi September 25, 2018 at 6:54 pm - Reply

    An economy from which we all benefit, perhaps. The people with the money will always do what is good for them, in any situation.

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