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.”

Commenting Scott Collins, Parliamentary Spokesman for the South Northamptonshire Liberal Democrats said

“I think this is a great and radical plan. It rightly recognises the cost paid by every tax payer in Britain in baring the financial pain caused by the failures of the banking industry.

It is only fair that the hard pressed tax payers get some recompence for the damage the banks have caused. If this plan is not accepted it seems likely that any profits will disappear into the government coffers and not necessarily show any great recognition of the cost the country has paid in bailing out the banks.

I am sure the tax paying shareholders would want to see financial stability and a degree of common sense in the running of the banks and maybe this is something the banks would take heed of in regulating some of the old reckless practices?”