1. ITV Report

Government unveils plans to boost employee-owned businesses

Norman Lamb and Nick Clegg launch employee-owned business initiative Photo: Cabinet Office

North Norfolk MP Norman Lamb has confirmed Government plans to boost employee-owned businesses.

The Business Minister was joined by Deputy PM Nick Clegg to announce plans to remove barriers preventing more British companies becoming employee-owned.

The announcement follows a six-month review by Graeme Nuttall, the Government’s independent advisor on employee ownership. The plans will:

  • Establish an independent Institute for Employee Ownership providing expert advice to businesses.
  • New off-the-shelf DIY packs covering legal and tax issues to enable companies to adopt employee owned models quickly and easily.
  • The Government has aso launched a call for evidence on how a 'Right to Request' employee ownership could work in practice.

The evidence shows that employee-owned firms are more productive, have weathered the recession better and have smaller gaps between pay at the top and ordinary workers.

– Norman Lamb