29th October 2015
The government has sold-off a further 1% of its stake in Lloyds Banking Group through its trading plan reducing its shareholding to below 10%.
The total raised to date from the sell-off is now £16bn and all sales have been used to reduce the national debt.
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 £16bn.
“Today’s announcement means that we now own less than 10% of Lloyds Bank – a significant milestone in our plan to return the bank to the private sector, and get taxpayers money back.
“I am determined to build on this success by making Lloyds shares available to the public next Spring, so that we can build a share-owning democracy and continue to reduce our national debt.”
Lloyds was originally bailed it out during the financial crisis with £20.5bn cash injection from the UK taxpayer.
Next spring the government plans to sell £2bn worth of shares at a discount to the public.
On Wednesday the bank reported that in the three months to the end of September, pre-tax profits surged 28% to £958m, up from £751m during the same period last year.
However it said it had also earmarked £500m to cover further payment protection insurance redress and £100m for mis-selling through its bank branches.