Labour Has A Plan

When Mio Tastas Viktorsson and I argued that the Left should revisit the Meidner Plan last year, we could have hardly expected that a strikingly similar policy would be adopted by British shadow chancellor John McDonnell and the Labour Party at this year’s conference. The Inclusive Ownership Funds (IOF) proposal — drawing its name and much of its inspiration from a recent report by researchers Matthew Lawrence, Andrew Pendleton, and Sara Mahmoud of the New Economics Foundation — calls for transferring 10 percent of the equity in all British firms with over 250 employees into worker-owned and -controlled funds over the next ten years. The funds would pay out annual dividends up to £500…
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