The government has today sold another part of its shares in Lloyds Banking Group. It has sold 24 per cent of its remaining shares in the bank, at a price of 75.5p per share. This takes the government's holding in the bank to less than a quarter. The sale has secured 'further value' for the taxpayer and, the Treasury say, will be used to pay down the national debt. It is part of the Coalition's long term economic plan to build a stronger and safer banking sector.
The Chancellor received advice from UK Financial Investments yesterday that it would be appropriate to sell part of the government's shareholding in Lloyds. The Chancellor agreed with that advice and authorised the process to begin. The government has now sold 36 per cent of its original stake in Lloyds, which now stands at 24.9 per cent.
Chancellor of the Exchequer, George Osborne, said: "I can confirm this morning that we have sold a further £4.2 billion of shares in Lloyds Banking Group at 75.5p a share, taking the taxpayer's stake down to below a quarter of the bank. This represents good value for the taxpayer and the money will again be used to reduce the national debt. This is another step in the government's long term economic plan to deliver a more secure and resilient economy. It is another step in repairing the banks, in reducing our national debt and in getting the taxpayer's money back."
