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Every adult in Britain would receive free shares in the nationalised banks under plans to reward the public for helping bail out the City during the financial crisis.
More than 46 million people would be handed the shares in Royal Bank of Scotland and Lloyds Banking Group (LSE: LLOY.L - news) under the “people’s bank” plan devised by Nick Clegg, the Deputy Prime Minister.
Mr Clegg said that it was “psychologically immensely important” for people to be given a stake in the banks in the wake of the financial crisis. “Their money has been used to the tune of billions and billion
The Deputy Prime Minister conceded that there was “a huge amount of detail still to be worked on” but he added that one way to ensure “the banking system isn’t going to emerge in exactly the same form as it entered the crisis is to create a people’s banking system”.