Jeremy Corbyn, the Labor leader, wants a law requiring companies with more than 250 employees to grant 10% of capital to their employees.
François Mitterrand's nationalizations were known: the state took control of the companies. From now on, it is the employee who takes control, or at least 10% of the capital. This is the very strong proposal of Jeremy Corbyn. The leader of the Labor Party, wants - if he comes to power - to impose on all companies with more than 250 employees - that they give 10% of capital, shares, to their employees.
All employees would become shareholders of their company, and thus receive dividends, up to 500 euros per year. The Financial Times has calculated the cost of the measure. If we transfer 10% of all shares to employees, this represents 330 billion euros. This would be the biggest drain on the private sector ever seen in the western world. To make a comparison, all measures in favor of "yellow vests" accounted for 17 billion. There, we are talking about 330 billion. 20 times more!
The goal is to give back power to employees. Purchasing power first. But also decision-making power, because Jeremy Corbyn believes that in a company, employees have a long-term approach, while the financial ones would be more in immediate profitability.
What do employers think about these "nationalisations citoyennes"? They are horified. They still prefer the hard Brexit of Boris Johnson. With this measure, the employers predict the flight of all investors from the United Kingdom, and cascading lawsuits for expropriation.
We can see the very left turn of the English Labor. There, for once, we can say that Jeremy Corbyn, his real enemy, is finance. When we think that this is the former party of Tony Blair, cantor of liberal social democracy. It was just 12 years ago, another era ...