Workers beating the bosses in business

It seems workers in Scotland are beating the bosses when it comes to running a business after new research revealed that revenues at employee-owned firms are outstripping that at their traditionally-structured peers.

New analysis from Scottish Labour has revealed there are 42,435 businesses in Scotland with at least five employees. Turnover from these businesses totalled £240,536 million in 2017.

This averages out at £5.66 million per business.

There are around 100 employee owned businesses in Scotland, with total turnover of £940 million.

This averages out at approximately £9.4 million per business.

The analysis will be revealed by Scottish Labour ahead of party leader Richard Leonard addressing the STUC conference in Dundee.

Labour want to significantly  increase the number of co-operatives and worker owned businesses in Scotland’s economy, by introducing a right to own business through a “Macora law” which would allow workers to buy their companies when they go up for sale or face closure.

Scottish Labour leader Richard Leonard said: “It looks like workers are beating the bosses when it comes to company turnover, which is no surprise because common ownership gives everyone a stake in the success of a company.

“In government, Labour will give more people a stake – and a say – in our economy by doubling the size of the co-operative sector and introducing a ‘right to own,’ making employees the buyer of first refusal when the company they work for is up for sale.

“Our economy should not just be left to the market. We need active engagement with Scotland’s working people to develop our economy for the many and not just the few.”