Silicone Pastry Brush

Sketch: Nick Clegg braves the fat cats' den

01.01.70

Staff-owned companies, said Mr Clegg, often perform better than their competitors. Certainly John Lewis is popular, although it’s a moot point whether this popularity is due more to staff ownership or to the fact that John Lewis sells products people want to buy, and at prices they’re willing to pay.

Still, you can see the thinking behind the phrase “John Lewis Economy”: middle-class people love John Lewis, so if we name our policy after it, they’ll love our policy too. Ring the bell, and the dog’s mouth waters: Pavlov’s politics. Look out for future Clegg projects with names such as “The Downton Abbey Transport Infrastructure Blueprint” and “The Adele Second Album Employment Initiative”.

One man who didn’t seem entirely taken with the John Lewis Economy was Stuart Fraser, the City of London boss. Unfortunately for Mr Clegg, Mr Fraser’s job was to give the vote of thanks after his speech. Eyes glinting mischievously, he suggested that not only was employee ownership an old idea, but it didn’t guarantee success. His own investment management firm, he said, “is 35 per cent owned by staff.” Pause for comic effect. “About the same proportion as Lehman Brothers.”

Source: Telegraph.co.uk