Plans to give workers the opportunity to give up employment rights in return for shares in their company have been described as "brilliant" by a North Yorkshire businessman-turned-MP.
Chancellor George Osborne announced new "employee-owners" will receive between £2,000 and £50,000 of shares that will be exempt from capital gains tax when sold, and in return will give up rights on unfair dismissal, redundancy and the right to request flexible working and time off for training.
TUC General Secretary Brendan Barber said: "These complex proposals do not look as if they will have very much impact as few small businesses will want to tie themselves up in the tangle of red tape necessary to trigger these exemptions."
But Skipton and Ripon MP Julian Smith has given the proposal his backing:
Great announcement at #cpc2012 on 'employee owners' by Chancellor. Freeing up business from red tape whilst good for staff. Brilliant.