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George Osborne has invited employees to give up their workplace rights in exchange for owning tax-free shares in their companies.
In a speech which was greeted with luke-warm applause at the Conservative Party Conference in Birmingham, the Chancellor jokingly borrowed the Marxist slogan "workers of the world unite" to launch his new scheme.
The plan effectively involves workers gambling on their career prospects, by sacrificing their protection against unfair dismissal and other rights in return for profits on company shares which will be free from capital gains tax.
The Chancellor told delegates: "Today we set out proposals for a radical change to employment law. It's a voluntary three way deal. You the company: give your employees shares in the business.
You the employee: replace your old rights of unfair dismissal and redundancy with new rights of ownership. "And what will the Government do? We'll charge no capital gains tax at all on the profit you make on your shares. Zero percent capital gains tax for these new employee-owners.
"Get shares and become owners of the company you work for. Owners, workers, and the taxman, all in it together. Workers of the world unite."