Nick Clegg Pushes Free Bank Shares Scheme

Deputy Prime Minister Nick Clegg says it's time the public benefited from the bailout of the banks.

The Lib Dem Leader is backing a scheme that will give shares in the nationally owned RBS and Lloyds banks to every adult in the UK. These shares could become worth over £1000.

Nick Clegg 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."

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.

Mr Clegg 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 were run and benefit from their future success."