UK Politics

Liberal Democratic Party: Osborne's shares plan is an attempt to buy votes says Cable

Press Release   •   Feb 22, 2010 08:43 GMT

“They have no understanding of the economy they are aspiring to run," said the Liberal Democrat Shadow Chancellor.

Commenting on George Osborne’s announcement in the Sunday Times of a “people’s bonus” plan, Vince Cable said:

“Dangling this prospect, when UKFI has said it will take at least 5 years before the likes of RBS are back in private hands, is Tory electioneering at its most cynical.

“They have no understanding of the economy they are aspiring to run.

“The nationalised and semi nationalised banks should be re-privatised when the conditions are right to maximise tax payer return. Selling shares off at a discounted rate will not achieve this.

“These banks should be set the concrete objective of ensuring lending to sound small and medium sized businesses who are the drivers of our economic recovery.

“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.

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

“If the Tories were actually committed to helping people on they would be trying to instil fairness into the tax system instead of coming up with this ill conceived attempt to buy their vote.”