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Local Lib Dems back bank share plans

June 27, 2011 6:26 PM

LIberal Democrats in Hinckley and Bosworth have welcomed proposals to give bank shares to every adult in the UK.

The scheme is being backed by Lib Dem Deputy Prime Minister Nick Clegg who says it's time the public benefited from the bailout of the banks.

Cllr Michael Mullaney, LIberal Democrat parliamentary spokesman for Hinckley and Bosworth welcomes the plans he said, "Taxpayers' money bailed out the banks. It's only right that the taxpayers should be given a stake in those banks and a chance to benefit from their future success.

"The scheme will give shares in the nationally owned RBS and Lloyds banks to every adult in the UK. These shares could become worth over £1000. "

Mr Clegg has written to the Chancellor of the Exchequer to ask him to look at the shares plan. The plan has been backed by several other senior politicians.

The blueprint to hand over shares to over 45million adults in the UK has been drawn up by a top city firm and was first launched by Lib Dem MP Stephen Williams in March.

The plans will ensure that the Treasury will get its money back from the banking bailout, but any profits will go directly to the 45million shareholders. If the shares return to previous values of just a few years ago, each person could gain over £1000.

Cllr Mullaney added, "The British people rightly feel let down by the past behaviour of the banks. With this plan they would own a piece of the banks, have a voice in how they are Michael Mullaneyrun and benefit from their future success."