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What if there was workplace co-determination in the UK?

By this I mean a system where the boards of major companies have employee representation on them.

Usually the system is that between 30% and 50% of the board is elected by workers. The chairperson is elected by management and keeps a casting vote (in system where representation is otherwise 50/50).

Systems such as these are very common in Germany, Austria and in a very modified form in some Swedish firms.

What POD is required for this to occur in the UK?

How would it affect UK politics and the economy?
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