Speaking at a meeting of ifs ProShare, part of the ifs School of Finance in the City (Tuesday 24 March), Milburn said that despite the current malaise in the financial markets, employee share schemes had the potential to make a considerable and lasting impact in the fight for a stronger economy and a fairer society.
He added: "I very much admire the work that ifs ProShare does in making a reality of employee share ownership. It is a concept that I have long believed that we as a nation should more fully embrace. Employee share ownership is a route to a fairer society, and to a stronger economy. It can help to tackle inequality, and speed social mobility, whilst at the same time leading to a more motivated, innovative and dedicated workforce. We should be doing everything possible to encourage such schemes, and to make them as easy to implement, attractive, and open to as many people as possible."
Gavin Shreeve, ifs School of Finance principal said: "Alan Milburn is absolutely right that employee share ownership can bring with it enormous benefits to both employer and employee. It fits with his passion for a wider and modern participatory politics where citizens can benefit from their own efforts and share these with a wider community. There are some fine examples where this is working in practice and it is encouraging that many policy makers are beginning to recognise these benefits."
