Government sells further one per cent stake in Lloyds Banking Group

The government has sold another one per cent of its stake in Lloyds Banking Group as it looks to reduce its holdings in the bailed-out lender. 

 

Now just under 14 per cent of the bank is owned by the taxpayer; at its peak in 2009, 40 per cent was publicly-owned. In total £14bn has been raised by selling off shares.

 

Chancellor of the Exchequer George Osborne said: “It’s fantastic news that we’ve sold more shares in Lloyds Bank, taking the total recovered to almost £14bn. I am determined to build on this success, and to continue to return Lloyds to the private sector and reduce our national debt.”

 

The government said its plan “involves gradually selling shares in the market over time, in an orderly and measured way”. 

 

The trading plan was launched last December to offload Lloyds shares into the market. At the time it said it hoped to sell off up to five per cent in the first six months of the year to raise about £3bn. 

 

The plan will end no later than 31 December 2015.