George Osborne plans to sell discounted shares in state-owned banks to ordinary Britons
The Sunday Times reports that George Osborne is planning to sell shares in the nationalised banks to ordinary Britons at a discount in order to reward them for seeing their money as taxpayers rescue the troubled financial institutions. Young people and those on low incomes will get even steeper discounts as part of an aim to "recapitalise the poor". "The bankers have had their bonuses,” Mr Osborne told The Sunday Times, and Conservatives plan “a people’s bank bonus for the people’s money that was put into these organisations.”
Leading members of other parties have attacked the plan according to the BBC.
Labour's Liam Byrne said:
"When it comes to the shares in the banks the public expect us to focus on getting their money back. That means selling them at a time and way that maximises their value, not an irresponsible and expensive political gimmick."
Liberal Democrat Vince Cable said George Osborne was guilty of "electioneering at its most cynical". He continued:
"Actively encouraging people on very low incomes to invest in a volatile share market beggars belief and shows just how removed the Tories are from everyday reality. A young couple on low income is more concerned with putting food on the table than speculating on the stock market."