‘Employee shareholder’ scheme rejected by House of Lords

The proposals, which are part of the Growth and Infrastructure Bill, were rejected by 232 to 178 votes amid widespread criticism. Lord Forsyth of Drumlean said he was “…astonished that the Coalition would even think of bringing forward such a measure…”, and that the proposals were “…ill-thought through, confused and muddled”.

The Growth and Infrastructure Bill is due to return to the House of Commons, at which time MPs will have to decide whether to reintroduce the proposals into the Bill or abandon the scheme altogether.