Osborne plans Lloyds shares sale

Published: Wednesday 17th December 2014 by The News Editor

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The Treasury may begin selling off part of its remaining stake in Lloyds Banking Group within days under a plan launched by Chancellor George Osborne.

Taxpayers still own 25% of the business, which also includes Hailfax, after its £20 billion rescue during the financial crisis.

Mr Osborne has launched a trading plan which will see shares gradually sold in the market over time “in an orderly and measured way” and sales “may commence in coming days”. The plan will be in place for approximately six months.

Shares will not be sold below the average price which the previous government paid for them, which was 73.6p.

The Chancellor said: “I can confirm today that the Government is taking the next step in returning Lloyds Banking Group to private ownership.

“The trading plan I’m initiating today is made possible by our long-term economic plan which is delivering a more secure and resilient economy. It is another step in reducing our national debt and in getting taxpayers’ money back.”

The Government said previous sales of its stake in Lloyds had raised £7.4 billion, reducing the taxpayer share from around 40% to just under 25%.

It said the announcement followed advice from UK Financial Investments, which controls the state’s investments in bailed-out banks including Lloyds and Royal Bank of Scotland.

Published: Wednesday 17th December 2014 by The News Editor

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