George Osborne admits the Treasury could hold Lloyds Banking Group shares until June 2016
The government has admitted it won't finish its trading plan to sell off Lloyds shares until June 2016 – after it originally said it will finish by the end of this month.
In a statement this morning, chancellor George Osborne said the government will extend its trading plan until the end of June.
Back in October the government announced plans for a retail sale of at least £2bn of shares, to be launched next spring.
Read more: Lloyds shares – should you register to buy?
So far, shares have been sold off at an average price of 81p – "well above the average 73.6p originally paid for the shares".
However, the bank's shares are currently hovering around 73p, down from a peak of 89p in May.
So far, the government has cut its stake in the bank to nine per cent, which it said had recovered £9bn for the taxpayer.
Osborne said: "As part of my plan to fully return Lloyds to the private sector, reduce public debt and build a stronger and safer financial system, Lloyds shares will also be offered to retail investors in spring 2016.
"This will allow hardworking people to buy a stake in our economy and help to build a share owning democracy."
