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Member of Parliament for Bradford East@DavidWardMP on Twitter and Facebook |
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David Ward MP <>
David backs plan to give the banks back to the people
March 25, 2011 2:21 PM
A local MP has given his backing to a plan to repay taxpayers for the bank bail-out by giving RBS and Lloyds shares direct to individuals. 
A radical and innovative scheme to sell off the Government's ownership of RBS and Lloyds has been developed by tax expert and Liberal Democrat MP, Stephen Williams.
The plan involves giving individuals on the electoral roll their own shares in these banks which they could sell when they wish. If a person sold their shares, the Government would receive a 'floor price' and the individual would get the excess in cash.
Since the economic crisis, the Government has been the owner of 84% of RBS and 43% of Lloyds. Based on those registered on the electoral roll at the 2010 election, the distribution would give each elector 1,484 shares in RBS and 456 shares in Lloyds.
A recent YouGov poll showed the proposal to have majority backing among the public.
Commenting, David Ward said:
"This is an excellent plan which gives money directly to the British people. The public will benefit from rises in share prices and be able to cash in the profit.
It avoids the downside of the Government selling off it's shares in the bank in one go, where they would get an artificially low price.
As shareholders, the public would have a direct say in how the banks are run including the bonuses awarded. This plan has been well thought out and I fully support it."