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I agree with this approach - there must be more mileage in Labour putting the case for a cooperative, more productive way forward.
The one thing that screams at me from this discussion seems to be that some people treat 'workers' as one group, entirely separate and distinct and with needs entirely opposed to 'employers'. I think this is massively harmful to labour's electoral chances - IMO, lots of people do draw a link between business doing well and their own prosperity.
Labour have to make a case for why making things better for employees benefits employers too, rather than make out business is some sort of evil thing that abuses workers
I don't see the Tories, the party of Brexit and Scottish Independence and austerity and dodgy contracts, being spectacularly good for normal businesses in the last 5 years. If you're friends with a minister, sure, but most people aren't.
I'm sure there's a pitch to business that Labour could make on the basis that a) a happier, healthier, more secure workforce is a more productive workforce and it's Tory policy that has given us a productivity problem and b) Brexit was about internal Tory politics, not what's good for the country and our economy, and as such they're more than willing to e.g. screw up finance to save fishing, and are physically incapable of achieving a good compromise deal with EU etc.
(Don't say "we're taking 10% ownership of your company", maybe say "employee ownership gives better results, here's an incentive to try it")