Osborne has taken the "dot communism" fetish to another level

Labour should learn from his error.

This summer at the Edinburgh book festival, Ewan Morrison coined the excellent pejorative "Dot Communism" and I've been borrowing it ever since. Dot Communism pervades public life across all political boundaries. It is the lazy fetishisation of the values of firey start ups everywhere: work tirelessly, grow fast, and democratise resources, insofar as democratisation involves everyone owning everything at once, whether it be information or hard cash.George Osborne yesterday took this fetishisation to a new extreme, and Labour should be learning from his error.

Proposing a new scheme in which employees swap certain significant employment rights for a stake in the organisation which employs them, Osborne seeks to create a new kind of worker - the "employee-owner". In a sense it's safe Tory ground in that he's relying on personal responsibility rather than protectionism to ensure both productivity and fair play. However, the scheme also relies on- indeed champions - the thrusting owner mentality which will thrive on personal risk provided there's the promise of fat, fast returns.

Labour should be paying attention to two kinds of response. Unions have reacted with outrage, with Paul Kenny of the GMB stating unequivocally his belief that "slashing people's employment rights... won't create jobs and it won't create growth". This was perhaps predictable. Osborne gleefully played up his scheme's lefty-bating angle, introducing the policy with the gloriously sarky statement "workers of the world unite". Still, the horror of the left at this extreme application of the dot communist manifesto should be a stark warning to any overly soundbite-friendly policy wonks at Labour HQ.

More importantly, John Cridland, director general of the Confederation of British Industry, was quoted in the Guardian with a distinctly lukewarm response. The scheme might be 'attractive' to workers in 'some of Britain's cutting-edge entrepreneurial companies', but he thinks 'this is a niche idea and not relevant to all businesses'. In other words, flashy get rich quick schemes might well appeal to a few media-friendly industries whose workers are characterised by boldness and zeal, but the majority of organisations rely on the bulk of their workforce feeling secure in their jobs, drawing their salary, and proceding perfectly happily without a major stake in the future of the company.

All Labour needs to do now is to realise that this is exactly what they've already said. Shadow secretary of state for business Chuka Umunna's speech at the party conference- as recorded on Labour's website- now looks rather prescient in calling for "an economy that rewards those that work hard and create sustainable value- not those just out to make a quick buck". There's an opportunity for Labour to turn this line into more than banker-bashing. They can be the party of sensible entrepreneurship and sustainable growth, the thriving local furniture business to the Tories' coke-fuelled Old Street digital bullshit dispensary.

As Ed Miliband starts putting some flesh on to the bones of his "one nation", he should be reading the papers today and remembering that, in business, mutual responsibility, shared vision and employee development are about much more than the promise of quick cash. Indeed, he's already said as much- so he'd better make sure the nation realises it.

Josh Lowe is a freelance journalist and writer. He tweets at @jeyylowe.

The silicon roundabout in Old Street. Photograph: Getty Images.

Josh Lowe is a freelance journalist and communications consultant. Follow him on Twitter @jeyylowe.

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Tom Watson rouses Labour's conference as he comes out fighting

The party's deputy leader exhilarated delegates with his paean to the Blair and Brown years. 

Tom Watson is down but not out. After Jeremy Corbyn's second landslide victory, and weeks of threats against his position, Labour's deputy leader could have played it safe. Instead, he came out fighting. 

With Corbyn seated directly behind him, he declared: "I don't know why we've been focusing on what was wrong with the Blair and Brown governments for the last six years. But trashing our record is not the way to enhance our brand. We won't win elections like that! And we need to win elections!" As Watson won a standing ovation from the hall and the platform, the Labour leader remained motionless. When a heckler interjected, Watson riposted: "Jeremy, I don't think she got the unity memo." Labour delegates, many of whom hail from the pre-Corbyn era, lapped it up.

Though he warned against another challenge to the leader ("we can't afford to keep doing this"), he offered a starkly different account of the party's past and its future. He reaffirmed Labour's commitment to Nato ("a socialist construct"), with Corbyn left isolated as the platform applauded. The only reference to the leader came when Watson recalled his recent PMQs victory over grammar schools. There were dissenting voices (Watson was heckled as he praised Sadiq Khan for winning an election: "Just like Jeremy Corbyn!"). But one would never have guessed that this was the party which had just re-elected Corbyn. 

There was much more to Watson's speech than this: a fine comic riff on "Saturday's result" (Ed Balls on Strictly), a spirited attack on Theresa May's "ducking and diving; humming and hahing" and a cerebral account of the automation revolution. But it was his paean to Labour history that roused the conference as no other speaker has. 

The party's deputy channelled the spirit of both Hugh Gaitskell ("fight, and fight, and fight again to save the party we love") and his mentor Gordon Brown (emulating his trademark rollcall of New Labour achivements). With his voice cracking, Watson recalled when "from the sunny uplands of increasing prosperity social democratic government started to feel normal to the people of Britain". For Labour, a party that has never been further from power in recent decades, that truly was another age. But for a brief moment, Watson's tubthumper allowed Corbyn's vanquished opponents to relive it. 

George Eaton is political editor of the New Statesman.