When financiers take over businesses, customers need to watch out. Look at Southern Cross. Rather than improving the care of the elderly residents of their care homes, Blackstone manipulated the financial structures and arrangements to extract over £1,000,000,000 – a billion pounds – in cash. The result? Suffering for the old people.
By contrast, when employees take over the company where they work, they strengthen the services, and invest. Sunderland Home Care, Highland Home Carers, Stewartry Care and several others are among the top rated carers for old people. In each case, the care is delivered by people who share in the ownership of the business. And in child care, the same story: by far the best provider of children’s nurseries in England is Childbase Partnership – owned by its employees.