Lloyds share sell-off accelerates and even RBS could be sold soon
THE PRIVATISATION of Lloyds will take a step closer in the coming year as George Osborne pledged to sell off another £9bn of shares.
The Treasury has already cut its holding in the lender from 41 per cent to less than 23 per cent, and this sale could bring the state’s stake to below 10 per cent.
Meanwhile Northern Rock and Bradford and Bingley loan portfolios worth £13bn are also up for sale.
And the prospect of an RBS sale was also raised – potentially even selling the stock at a loss.
“It is not good for taxpayer value or for the competitiveness of the UK’s banking system to have such a large and complex bank in state hands for too long,” said the budget document.
“As a result, the government intends to take a decision on the timing of any exit programme from RBS early in the next Parliament.”