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Employee ownership drive sees ‘substantial progress’

The author of the Nuttall review on employee ownership says that “much has been achieved,” one year on.

Graeme Nuttall’s review set out 28 recommendations for employee ownership, on which BIS has just published an updated report.

The government has relaunched the UK Employee Ownership index, which is now calculated by FTSE International; new tax reliefs for employee-owned businesses; and guidance on how to become employee owned.

Nuttall said: “One year on from the Government's response to the Nuttall Review, it is right to say that much has been achieved. I thank all those who have helped make the Nuttall Review recommendations move from the page to reality. However the bar has now been raised and there is more to do if we are all to succeed in making this the decade of employee ownership.

“The ‘One Year On’ report contains a health-check on employee ownership. I welcome business minister Jo Swinson's confirmation that over the next year BIS will hold regular stakeholder meetings in order to assess where we stand against this health-check.”

Business minister Jo Swinson added: “Evidence shows that businesses that adopt the employee ownership model can be more profitable, create more jobs and are more resilient to economic shocks.

“The Nuttall Review set us an ambitious challenge a year ago but I am delighted to say the government and the sector have risen to meet it. We have made substantial progress in laying the foundations for a thriving and growing employee ownership sector in the UK, but there is more to do to raise awareness.

“The Employee Ownership Index will now mean investors can identify thriving employee ownership businesses and be part of their success. I hope more businesses recognise the value of this model and give their employees a greater stake in their future and the success of their company.”

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