Commons Sense

House of Commons · General Debate

Employee Share Ownership (Reform)

08 November 2022 · 1 other contributor

Opened by George Howarth Lab Knowsley

EmploymentBusiness & Trade

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

George Howarth raised concerns about employee share ownership (reform) in the House of Commons. Other MPs contributed to the debate.

Key points

  • The Bill aims to reduce the holding period for SIP from five years to three.
  • The decline in firms granting new SAYE options from 340 in 2007 to 260 in 2021 is noted.
  • The Bill seeks to allow preferential access for lower-income workers in employee share ownership schemes.

How the debate unfolded

MPs spoke in turn to share their views and ask questions. Here's what each person said.

Opened the debate

George Howarth Lab Knowsley

The Bill aims to modernise existing employee share ownership schemes by reducing the holding period for SIP from five years to three, allowing preferential access for lower-income workers, and requiring companies to include declarations in annual reports about their use of such plans. It has broad support across different political parties due to its alignment with property-owning democracy and co-operation principles. The decline in the number of firms granting new SAYE options from 340 in 2007 to 260 in 2021 highlights the need for updates, as employment practices have changed significantly since these schemes were introduced.

Other contributors (1)
  • George Howarth Lab Knowsley

    The Bill aims to modernise existing employee share ownership schemes by reducing the holding period from five years to three and making it accessible to gig economy workers. This is supported by various organisations such as the CBI, TUC, and ProShare due to its potential benefits for both employees and employers.

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