We have done more coverage of Clegg’s proposed bank shares giveaway to 46m members of the public in tonight’s FT. The City is quite cautious about whether the whole idea is practical.
But there could be a fees bonanza if it goes ahead, with administration costs estimated at about £200m, according to some experts.
As my colleague Patrick Jenkins, our banking editor, writes:
Bankers admitted the ultimate irony of the idea would be that Britain’s banks – via their brokerage operations – would be the big winners from the structure, earning fees from every shareholder divestment.
Jim Pickard
Kiran Stacey