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Today's Autumn Statement as presented to Parliament by the Chancellor of the Exchequer by Command of Her Majesty confirmed the Government's ongoing support for employee ownership.
Graeme Nuttall, a partner at law firm Fieldfisher was appointed earlier this year as the Government's independent adviser on employee ownership to examine how to promote employee ownership in the private sector and spread the benefits into the wider economy. His recommendations were presented to the Government back in July in his report, "Sharing Success - The Nuttall Review of Employee Ownership". The Autumn Statement referred to the Nuttall Review and confirmed, in particular, that:
- The Government supports employee ownership as a business model, which offers benefits to employers and the wider economy
- HM Treasury and HM Revenue and Customs will support the Department for Business, Innovation and Skills and Cabinet Office in implementing the Government’s response to the Nuttall Review of employee ownership
- The Government will:
- continue to build a better understanding of the complexities faced by the sector, including within the tax environment, and
- is considering further incentives to support this objective and will report at Budget 2013
Graeme Nuttall, says,
"It is great to see that HM Treasury has today recognised the importance of the employee ownership business model and has promised further work to promote it. Employee ownership succeeds in businesses of all sizes and sectors, delivering business performance alongside employee well-being, a powerful, winning combination.
"In the early years of my lobbying work we were grateful for a backbench mention of employee ownership in a minor committee debate. In 2012 the employee ownership sector has never known such overwhelming Government support. The Deputy Prime Minister has set the aim of making employee ownership mainstream. The Cabinet Office is also promoting the concept of public service mutuals and BIS is behind the promotion of employee ownership generally, as well as HM Revenue & Customs..
"It is for all in the employee ownership sector, and other more recent supporters in the wider business community, to get behind this dynamic agenda and make this the decade in which employee ownership enters the mainstream of the UK economy."
For further information, please contact:
Ibrahim Kamara, PR & Communications Manager, Field Fisher Waterhouse LLP on 020 7861 4120