Bank shares giveaway a great idea says Swales
June 24, 2011 10:09 AM
Local MP Ian Swales has welcomed calls by the Deputy Prime Minister to giveaway billions of pounds worth of shares in Britain's banks to the public.
Nick Clegg today publicly backed proposals which would see each voter given a potion of the Government's shares in RBS and Lloyds, which are worth up to £1,000 at current prices.
The MP for Redcar constituency was co-sponsor of a Parliamentary motion, tabled by Liberal Democrat MP Stephen Williams in March, calling on the Government to consider giving away its shares in the banks to the UK's 46m adults.
Mr. Swales said:
"People are still extremely angry about the cost of the bank bailout. They feel that the bankers took all the risks and gained all the reward only for them to be left to pick up the pieces.
"We must ensure that now the banks are returned to profit that it's not just a return to business as usual. This is a way of giving people a direct share in the future benefits of the bank bailout."
He added:
"Obviously there is a lot of detail still to be worked out on this but it is by no means unworkable or unprecedented. Stephen Williams is meeting with the Treasury to discuss the proposal and I hope that the Chancellor will seriously consider this as an option for the future."
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