3rd August 2015
The government has sold a further 1% of its stake in Lloyds Banking Group taking the total raised for the taxpayer to almost £14bn.
The latest sale cuts the government’s shareholding to below 14%.
Chancellor of the Exchequer, George Osborne reiterated that he was “determined to build on this success, and to continue to return Lloyds to the private sector and reduce our national debt”.
The trading plan for the Lloyd’s sale was launched on 17 December 2014 and will end no later than 31 December 2015.
Last week Lloyds, which was bailed out by the taxpayer during the financial crisis, announced that in the six months to the end of June, statutory profit rose to £1.2bn pounds, up 38% from a year ago. However it was forced to set aside £1.4bn to cover the cost of mis-selling payment protection insurance (PPI), taking the total amount of redress to £13bn.