Labour Leader Promises Worker-Owned Business Expansion

A Labour government will oversee a radical expansion of worker-owned businesses, shadow chancellor John McDonnell is promising.

In a speech in Preston, Mr McDonnell will say that Labour in office will aim to at least double the size of the UK co-operative sector - currently worth £37 billion.

He will also suggest that staff at workplaces threatened by closure should have first refusal on buying out and taking over the running of the business.

Mr McDonnell will argue that co-operatives offer significant scope for expansion while marking a revival of Labour's traditional values of "decentralised ownership and democratised wealth".

While the co-operative sector has grown by 15% since 2010 - faster than the rest of the economy - Mr McDonnell will say that it is still far smaller than those in the United States or Germany.

Read the full article at the Belfast Telegraph

 

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