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Government reduces stake in Lloyds Banking Group again

By John-Paul Ford Rojas

The Government has sold another 1% chunk of Lloyds Banking Group, taking its stake in the lender to less than 13%.

It means the Government has now recouped around £14.5bn of the £20.5bn spent bailing out the lender at the height of the financial crisis in 2008.

The Treasury has reduced its stake from 24.9% when it announced a trading plan in December to sell shares gradually into the market. It now stands at 12.97%.

Chancellor George Osborne said it was "fantastic news". "I am determined to build on this success, and to continue to return Lloyds to the private sector and reduce our national debt," he added.

A Lloyds spokesman said: "This announcement shows the further progress made in returning Lloyds Banking Group to full private ownership and enabling the taxpayer to get their money back."

The price paid for the latest 1% chunk was not disclosed, but at market prices it is worth around £500m.

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