The Labour & Co-operative Part​ies​ ha​ve​ recently committed to doubling the size of the co-operative economy, but why not have the majority of employees in the UK employed in fairer, more democratic forms of business by 2050?

What if we could transform the nature of the private sector such that it generated very little inequality, empowered working people and improved their wellbeing as well as that of their communities?

The Equality Trust believes this can happen and, to this end, we recently launched our Ownership Charter which is a ten-point plan to grow a fairer, more democratic economy.

The UK co-operative and employee-owned economy, together with the social enterprise and mutual sector, is already ​substantial and successful – but what it really needs is loud and proud public and political support to take it to the next level. Our vision is nothing less than to see democratic, employee-owned and controlled businesses become the beating heart and centrepiece of our economy – to transform us from tired, old UK PLC to minty-fresh Co-op UK.

It is hugely pleasing to see that the Labour & Co-operative Part​ies​ ha​ve​ recently committed to doubling the size of the co-operative economy but why stop there? Why not go for a more ambitious stretch target of, say, having a majority of employees in the UK employed in fairer, more democratic forms of business by 2050. Perhaps we can learn from the Democracy Collaborative in the US which has set the ambitious Fifty-by-Fifty target to scale up their equivalent sector.

Given that neither a socialist command economy nor a devil-take-the-hindmost free market rat race is likely to appeal to a majority of voters there is potentially huge political capital in staking out greater economic democracy as the common sense, economic centre ground. We could even see “a race to the top” between the political parties to own this agenda, which would be a pleasant change.

As the UK and the wider world faces the twin perils (and injustices) of destabilising inequality and runaway climate change it is increasingly clear that we need a new and equitable model to underpin the transition to a wellbeing economy. We don’t need to grow the pie any more, we just need to share ​it out equitably. The Ownership Charter is an idea whose time has come.

​Bill Kerry is a co-founder of The Equality Trust and manages their network of supporters and local groups.

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