Osborne’s Flagship Policy Dumped By Hammond.
One of the Tories most peculiar policies was his decision to give tax breaks to workers who agreed to forfeit some of their employment rights. It was described as one of George Osborne’s flagship policies at the time.
The idea was roundly ridiculed by lawyers, industrial relations experts, trade unions who all thought it was barmy idea – but Osborne liked it because it allowed him to show Tory rightwingers that he had not completely ignored the regulation-slashing proposals in the infamous Beecroft report.
It proved to be a total flop as there was little interest shown by employers and employees.
“The tax advantages linked to shares awarded under ESS [employee shareholder status] will be abolished for arrangements entered into on, or after, 1 December 2016. The status itself will be closed to new arrangements at the next legislative opportunity. This is in response to evidence suggesting that the status is primarily being used for tax planning instead of supporting a more flexible workforce”.
