7. Debate on a Member's Legislative Proposal: An employee ownership Bill

Part of the debate – in the Senedd at 5:21 pm on 20 October 2021.

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Photo of Huw Irranca-Davies Huw Irranca-Davies Labour 5:21, 20 October 2021

Diolch, Dirprwy Lywydd. I'll respond very briefly. Can I first of all just thank everybody who's taken part in this debate? It's been well worth while. I've enjoyed it all, and I'll try and respond briefly to some of the contributions, finishing with the Minister.

First of all, to Joel. I welcome the contribution and the criticism of this as well, because we need that challenge. But I would simply say that those existing co-operatives that are now in place in every part of Wales are not part of the 1980s sandal-wearing agenda; they are in the most cutting-edge parts of the economy, working as employee-owned businesses and reaping the benefits that were described by Sarah Murphy and others. They're not some throwback to the past; they're actually a look ahead to the future. But I welcome his contribution.

Alun Davies in response curiously said there—he made an important point—that the co-operative approach here to, actually, employee ownership is about not extracting wealth from communities, as we've seen in the past with a free-for-all neoliberal agenda, or before there was even a neoliberal agenda, but actually rooting that wealth in the local economy, and recycling it amongst people who share the ownership of it.

Let me turn then to the comments that were made by Luke. I really welcome the support for this, Luke, and your membership of the cross-party group on co-ops and mutuals shows the spread of support for this sort of agenda. As you said, it's a solution to keep jobs in Wales, in the communities, keep the wealth in the communities, keep the jobs here as well—what you were laying out the other day, Minister, about keeping people working in Wales. What could be more attractive than having a share in the businesses and the companies they work for?

Sarah's comments—thank you so much for that contribution, as a fellow Co-operative Party member as well, as were others. You turned to Baroness Bowles's analysis based on the evidence there, and you rightly cited higher employee engagement, motivation and well-being, a more inclusive, transparent and effective model of governance, topping up the salaries by sharing the capital value of the companies that are involved, and stronger workforce retention, which we hear so much about today. This is what co-operative models of worker ownership actually do—greater levels of productivity and efficiency. Joel, this isn't a 1980s throwback, this is this century looking forward, genuinely.

If I turn finally to Vikki there, before the Minister. Vikki—[Interruption.] Sorry, did you want to—? Am I allowed to—? Yes.