McDonnell: “Public ownership is not just a political decision, it's an economic necessity“
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The Shadow Chancellor will open Labour's Alternative Models of
Ownership conference in London today (Saturday), calling for a
greater role for workers and the public in economic decision-making
under new 21st century forms of democratic ownership. He will
announce that the New Economics Foundation (NEF) is producing an
independent report to be published in the spring that will lay out
policy suggestions on how to grow the cooperative sector in our
economy. He will...Request free
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The Shadow Chancellor will open Labour's Alternative Models
of Ownership conference in London today (Saturday), calling for a greater role for
workers and the public in economic decision-making under new 21st
century forms of democratic ownership.
He will announce that the New Economics Foundation (NEF) is
producing an independent report to be published in the spring
that will lay out policy suggestions on how to grow the
cooperative sector in our economy.
He will further announce the creation of a working group to
look into how cooperatives can access capital, grow and expand,
and to decide upon which sectors of our economy should be
prioritised for this expansion of cooperative
ownership.
And he will say that Labour will not recreate the
nationalised industries of the past but put them irreversibly
into the control of those who work in and use them, addressing
the inefficiencies of privatisation.
The conference today, at the De Vere Grand Connaught Rooms
in central London, will see expert speakers discuss Labour’s
“Alternative Models of Ownership” report, which recommended
action to address increasing automation and to broaden economic
decision-making in the UK to deal with structural problems in the
economy.
John McDonnell MP, Labour’s Shadow
Chancellor, will say:
“The next Labour government will put democratically owned
and managed public services irreversibly in the hands of workers,
and of those who rely on their work.
“We will do this not only because it’s right, not only
because it’s the most efficient way of running them, but also
because the most important protection of our public services for
the long term is for everyone to have and feel ownership of
them.
“We aren’t going to take back control of these industries
in order to put them into the hands of a remote bureaucracy, but
to put them into the hands of all of you - so that they can never
again be taken away.
“Public ownership is not just a political decision, it’s an
economic necessity.
“We’ll move away from the failed privatisation model of the
past developing new democratic forms of ownership, joining other
countries, regions and cities across the world in taking control
of our essential services.
“Under the Tories, Britain is now seriously out of step
with our international partners, failing to keep up with
them.
“The Conservatives are not just morally bankrupt but
intellectually bankrupt: caught between clinging onto the failing
dogmas of the past and offering a pale imitation of the radical
change which Jeremy Corbyn’s Labour Party now offers.”
On Local Economic
Strategies
“I was in Preston on Thursday,
with our Shadow Communities and Local Government Secretary
Andrew Gwynne, to share discussions about
how we can learn from what is being achieved there.
“By redirecting procurement spending to local suppliers,
the council has delivered a £75m boost to Preston’s economy, and
£200m across Lancashire as a whole. This extra spending helping
support over 1,600 jobs in Preston alone.
“To build on this success, the Labour party are setting up
a Community Wealth Building Unit to give Labour councils
knowledge, advice, and practical support in adopting
creativemethods to secure and provide vital services for
communities in the face of austerity."
On the independent report on
co-operatives
“One way of putting that power in the hands of people is
through supporting the growth of the co-operative
sector.
“Working with the Co-operative Party, we look forward to
seeing an independent report which has been commissioned from the
NEF think tank and is expected to be published in the
spring.
“Working with the Co-operative Party, we will also convene
an expert group of activists and co-operators to form an
implementation group which will engage with the co-operative
movement, road test our ideas and provide me feedback on what are
the great things already happening across the co-operative
movement and what support from a Labour Government will best
enable them to rapidly develop."
Ends
Notes to editors
- A detailed analysis of the
current co-operative sector, and a vision for substantial growth
– drawing on relevant international comparisons, including the
potential advantages of a “Right to Own”
policy.
- Actions policymakers would need
to take in order to create an environment in which the co-op
sector can grow substantially. The analysis will cover the
current policy, legal and regulatory conditions and identify
necessary improvements including “shelter”
organisations.
- What institutional arrangements
are necessary to support this growth including the potential for
new government agencies, development agencies or Departmental
support? Reflections on the wider economic and social benefits
that could accrue to the UK economy from having a substantially
larger co-operative sector.
The need for co-operatives to achieve greater investment in
order to develop and grow, given the inherent challenges that
exist for co-operatives to obtain capital within the legalmodel.
Consideration will also be given to the full spectrum of
investment opportunities including how the sector can be
facilitated to pool its existing resources to enable sector
growth. Consideration of particular sectors to target for
priority growth. This should include an overview of existing
types of projects which can be used as models, as well as
specific examples of projects which could be developed
further.
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