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Fair share for drivers?

25th April 1996, Page 30
25th April 1996
Page 30
Page 30, 25th April 1996 — Fair share for drivers?
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by Karen Miles • Drivers working in the haulage industry are being left out of a Government initiative that aims to promote greater employee share ownership because of a reluctance by many firms to give up powerful ownership positions.

Prime Minister John Major has said he wants "the majority of workers in Britain's large companies holding shares in those companies by the end of the decade". Later this month, the Treasury will be introducing a three-year Save As You Earn scheme which should encourage more workers to buy a stake in their firms.

But the many familyowned UK hauliers would weaken their positions by issuing shares to employees—and this is seen as an obstacle to a widespread take-up in the transport industry, say City analysts.

Government moves to encourage share ownership among workers of companies employing more than 100 staff could be more successful among hauliers already floated on the Stock Market. These include Tibbett & Britten, Transport Development Group and NFC.

But the tough economic climate could dissuade drivers from committing large sums of money to their own firms.

"Drivers often see the outlook for their firms as uncertain." says one analyst. "They'd probably be better off putting their money in other firms NFC, whose employees own 5-7% of the company, says it is "always interested in our staff being involved in the running and ownership of the company." When the company was first privatised in 1982, 80% of shares were owned by employees—this proportion has fallen as staff moved on or sold their shares.

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