Clegg plans people’s bank

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SHEFFIELD Hallam MP and Deputy Prime Minister Nick Clegg is calling for every British adult to be given a stake in Royal Bank of Scotland and Lloyds to create a ‘people’s banking system’.

He has asked Chancellor George Osborne to consider the idea, which would create 46 million shares in the banks part-nationalised in the economic crisis. Mr Clegg believes the move would be payback for the firms’ rescue with huge Government bailouts – and could help tackle mistrust of the financial system.