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4 September 2013

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Don't fall for the shares-for-rights scam

Ronnie Job

The Con-Dems' shares-for-rights scheme came into effect on 1 September. The TUC is warning that as well as taking away basic employment rights, the scheme could cost taxpayers 1 billion.

The government would like us to sign away rights to unfair dismissal, redundancy and flexible working, in exchange for shares.

Any workers tempted by such a scheme should take a look at the fate of the first ever Employee Share Ownership Plan to be set up in the UK, in Roadchef.

A union member at work tipped me off about this scandal, which otherwise I probably wouldn't have noticed as it's been hidden away in the financial pages.

It concerns Tim Ingram Hill, one of Britain's wealthiest men and somebody who has regularly featured on the rich list.

Employees of Roadchef, who had been promised ownership of the company by former owner, Patrick Gee, have been involved in a court case that has now dragged on for a few years.

When Gee died it was left to Ingram Hill to carry through the transfer of ownership to the company's staff.

Workers at Roadchef are claiming that Ingram Hill fraudulently transferred over shares that were held in trust for them, to himself, before selling the company for 139 million.

Workers who might have expected to pocket around 90,000 each, instead received around 2,300.

Company share schemes are far from the means of securing our futures that the government would have us believe.

With jobs, pay and terms and conditions all under constant attack as cuts rain down, it would be a huge mistake to give up any employment protection.

For as long as we have to work for the likes of Ingram Hill, our best day-to-day protection comes from building fighting trade unions to win and ensure permanent jobs, a living wage, decent pension packages, holiday entitlements and elected trade union representation.

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In The Socialist 4 September 2013:


Socialist Party news and analysis

Syria: Cameron defeated; Now defeat Tory cuts!

United strike action against the Con-Dems

Don't fall for the shares-for-rights scam

Them & Us


International socialist news and analysis

When the world economic crisis makes landfall in S Asia


Socialist history

1993: BNP racists forced off Brick Lane


Socialist Party reviews

Police spies and the workers' movement

TV review - MLK: The Assassination Tapes


Socialist Party workplace news

Blacklist defeat - Frank Morris reinstated on Crossrail

Hovis bakers on 7-day strike against massive pay cuts and casualisation

Carers at Future Directions continue their fight

Coventry Unison protest

Workplace news in brief


Socialist Party reports and campaigns

Council leader announces 'no bedroom tax evictions this year'

Build partnership in action against austerity

Miliband expected to promise repeal of bedroom tax

NHS: action to improve care

Lift the ban on campaign stalls in Newham, east London

Burston strike school celebrated

London protest against attack on Syria

Bristol TUSC - we're fighting the cuts

Socialism 2013

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Article dated 4 September 2013

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