Treasury sells more Lloyds shares

The Government has announced the sale of another tranche of shares in taxpayer-backed Lloyds Banking Group, reducing its stake in the bank to below 20%. This latest sale means that over half of the £20 billion invested by the taxpayer in Lloyds has now been recovered. This sale sees a further £500 million returned to the taxpayer and continues the trend that all shares sold have been sold above the average price paid for them, which was 73.6p.

The Treasury is using a trading plan that involves gradually selling shares in the market over time, in an orderly and measured way. At the 2015 Budget the Chancellor announced that the Government will sell at least £9 billion of Lloyds shares in 2015/16.

The Chancellor of the Exchequer, George Osborne said:

'I'm delighted that we’ve now raised over £10 billion from selling our shares in Lloyds Bank. This means we have recovered over half of the taxpayers’ money put into Lloyds, and now own less than 20% of the bank. These sales have only been made possible by our long term economic plan, and we are determined to build on this success, and to continue to return Lloyds to the private sector and reduce our national debt.'

The announcement that the Government’s shareholding had fallen below 20% was required by Financial Conduct Authority (FCA) rules.

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