Lloyds share sales have now raised 拢15.5 billion for the taxpayer
Government has sold a further 1% shareholding in Lloyds Banking Group - reducing its shareholding to below 11%.
The government has sold a further 1% shareholding in Lloyds Banking Group through the trading plan launched in December, taking the total raised for the taxpayer to 拢15.5 billion and reducing the government鈥檚 shareholding to below 11%. All sales are used to reduce the national debt.
Chancellor of the Exchequer, George Osborne said:
It鈥檚 fantastic news that we鈥檝e sold more shares in Lloyds Bank, taking the total recovered for the taxpayer to 拢15.5 billion.
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.
A trading plan involves gradually selling shares in the market over time, in an orderly and measured way. The trading plan was launched on 17 December 2014 and will end no later than 31 December 2015.
HM Treasury recently provided an update on the Lloyds retail share offer.
As required by Financial Conduct Authority (FCA) rules, Lloyds Banking Group announced today that the government鈥檚 shareholding in the bank has crossed through a one percentage point threshold. This announcement therefore notifies the market that the government has reduced its shareholding in Lloyds to below 11%.