Tories to offer cheap bank shares to the poor

Members of the public may be offered discounted shares in state-owned banks if the Conservatives win the next General Election.

Shadow Chancellor George Osborne told The Sunday Times the move would reward taxpayers for the £850bn support they have given the banking sector.

The scheme would see shares offered to taxpayers at a discount, with young people and those on low incomes offered even lower prices.

However, Labour hit back at the proposals, calling it a ‘gimmick', while the Liberal Democrats accused the Tories of attempting to buy votes.

Osborne says the scheme will only be creates once banks are ‘properly regulated' and are not taking excessive risks.

"The bankers have had their bonuses. We want a people's bank bonus for the people's money that was put into these organizations," says Osborne.

Vince Cable, Liberal Democrat Shadow Chancellor, says any future Government should focus on selling bank shares for a profit on behalf of taxpayers. He called the scheme "electioneering at its most cynical."

"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," adds Cable.

"A young couple on low income is more concerned with putting food on the table than speculating on the stock market."