The Tories have offered a Right to Buy, Labour would seek to better this. We'd be creating a new Right to Own," he [John McDonnell] said in a speech in Manchester.This is excellent. It was frustrating that the 2010 and, to a lesser extent, 2015 manifestos paid lip service to the radical potential of the cooperative movement, but did effectively nothing with it. To put it front and centre in our critique of Tory economic policy makes them difficult to pigeonhole the party as fans of state-owned industries. As Greg Hands put it in his response to John's speech, "Now we know the truth: Labour is planning another debt-fuelled spending spree and a huge tax bombshell on the businesses that have helped to drive Britain's recovery from the economic mess they left behind." A complete non-response in other words.
He said the "biggest hurdle" facing co-ops and other small businesses was getting initial funding from high street banks.
"No other major developed economy has just five banks providing 80% of loans. We'd look to break up these monopolies, introducing real competition and choice.
"Regional and local banks, prudently run and with a public service mandate, have to be part of the solution here."
Mr McDonnell is also considering adopting the Italian government's policy of offering funding to help employee-owned enterprises to get off the ground.
"With consortium co-operatives providing an effective means for new businesses to share and reduce costs, we'd look to support these at a local level, working with local authorities, businesses and trade unions," he said.
I hope over the coming months this is rammed home as much as possible. 'Right to own' has a nice ring to it, and as we can see above the Tories have no real reply.