Co-operatives (Employee Company Ownership) Bill

Key Points

• Empowers groups of employees facing redundancy to purchase their employer and operate it as a co-operative.
• Establishes a framework to facilitate the transfer, including governance and funding considerations.
• Aims to protect jobs and maintain business continuity by transferring ownership to the workers.
• Covers connected purposes related to employee ownership and transition arrangements.

Progress

The bill is currently at the 2nd reading in the House of Commons, with the next steps typically involving committee scrutiny and potential further readings if it progresses.