The new report from the Cooperative Party suggests that nearly nearly two-thirds believe that the redistribution of wealth should be a priority of the post Covid 19 recovery.
The report, Owning the Wealth from the Cooperative calls for new law to allow the workers in companies at risk of closure to buy out the business and run it as an employee-owned co-operative.
It also calls for a Co-operative recovery development fund and a scheme to write off coronavirus business interruption scheme loan repayments for firms that come under employee ownership
Companies getting taxpayer bailout must end the use of tax havens and there should be new co-operative regional banks to rebalance the economy
“ After a decade of austerity, a difficult few months of lockdown, and an uncertain economic future, it is unsurprising that people do not feel like they know the answers. With many in insecure work or unsure whether they will still have a job when the furlough scheme ends, ‘don’t know’ is a valid response – and also an opportunity to put forward new ideas on how we reshape the economy. At a time of deep political polarisation, results showing that people are open to different policy options should be cause for hope and a rallying call to those of us with ideas for a fairer, more equal future.” says the report.
Oldham MP Jim McMahon, who chairs of the Co-operative party parliamentary group, said:
Owning the Future builds on what we already know – that countries which embrace the co-operative model are fairer, more community-minded and more productive places to live and work.
In planning for our recovery we must not repeat the mistakes which followed the financial crash and a lost decade of austerity which deepened inequality and left us weaker to deal with Covid-19.
This report gives us a great opportunity to seize the renewed community spirit we saw emerge during lockdown, and build on its ideas to develop innovative solutions as we emerge from this crisis.