Oral Answers to Questions

Pauline Latham Excerpts

Tuesday 6th November 2012 Commons Chamber

[Sajid Javid]

I am not surprised that the hon. Lady is talking about youth unemployment, because in the last 10 years of her Government it rocketed by 72% from 534,000 to 921,000. The previous Government created the problem and this Government’s policies are bringing the number down.

[Pauline Latham (Mid Derbyshire) (Con)]

4. What assessment he has made of the fiscal implications of the Government’s proposed employee-owner scheme.

[Jesse Norman (Hereford and South Herefordshire) (Con)]

6. What recent representations he has received from businesses on the fiscal implications of employee ownership.

[The Exchequer Secretary to the Treasury (Mr David Gauke)]

The Government expect that the scheme will cost up to £100 million in 2017-18. The initial estimate will be refined following the Department for Business, Innovation and Skills consultation on the implementation of the new employee-owner status, which involves engagement with business and others and will close on 8 November. The annual breakdown of the estimated Exchequer cost of the policy will then be published at the autumn statement once it has been certified by the Office for Budget Responsibility.

[Pauline Latham]

Will the Minister update the House on the response he has had from businesses and business organisations about the new employee organisation ownership scheme?

[Mr Gauke]

I am pleased to tell the House that the likes of the Federation of Small Businesses, the British Chambers of Commerce and the Institute of Directors have warmly welcomed the proposal, which will help entrepreneurs and start-up businesses.