Labour share plan to hit pensioners’ funds

The Labour party’s plans to hand 10 per cent of shares from UK-based companies to workers over a decade would see British pension funds lose £31bn, according to new research. Shadow chancellor John McDonnell’s plan to introduce “inclusive ownership funds” under a Labour government would transfer 1 per cent of shares in all large UK companies to workers annually for 10 years. The CBI business group has warned about the policy’s “immediate hit to investors, many of whom are pension funds”.