I am not known for agreeing with the Labour Party very often. However, George Osborne’s suggestion that the people should be offered shares in a bank we already own, at a discounted price, is nothing other than a cynical gimmick. I would have hoped that the Conservative Party would rise above such silly electioneering.
The reality is, we already own these banks and therefore, the dividends or proceeds of a sale will already go back to the public purse, allowing us to reduce debt or invest. Why would we want to buy these shares at a “discount”, when as taxpayers we are already assured of receiving the full benefit when these shares are drip fed back into the market? Furthermore, why should any specific sections of the community receive special or additional discounts?
There are suggestions that young people, low-income families and parents saving for their children should receive extra discounts. Why? The banks were saved using taxpayer funds and debt. This proposal is not an equal or proportionate division of the proceeds of a sale of a publicly owned asset; it is just a cynical way of buying votes from one section of the community. In fact, this is a typical ‘Labour Party’ trick of attempting to redistribute wealth, in spite of the fact that the Labour experiment has proven to be an utter failure.
It could be argued that those on the lowest incomes and, for that matter, younger people, contributed the least towards the propping of the banks, so why should they receive shares at a more favourable rate? It simply does not stand up to scrutiny. I suggest that the Conservative Party get on with the real job of telling us what they will do if they get into power, rather than trying cheap tricks designed to garner support from a minority at the expense of the majority. We have had to put up with this type of positive discrimination for the past 13 years…enough now!