The Deputy Prime Minister Nick Clegg has today been speaking about employee ownership at the City of London Corporation.

Nick Clegg did not clarify whether he would reform executive pay committees so that they must include employees, a measure called for last week by the Labour Party. Mr Clegg also failed to explain what practical steps the Coalition might take to increase full employee ownership of businesses in the economy, rather than partial share ownership.

Responding to Mr Clegg's speech, Michael Stephenson General Secretary of the Co-operative Party said:

"We welcome the recognition from the government that crony capitalism needs reform, but Nick Clegg's ideas barely scratch the surface of employee ownership or co-operative businesses. There are one billion members of co-operatives worldwide and only 328 million shareholders: the Tory-led government are clueless about giving ordinary people a real say in running businesses."