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Government sells further 1% stake in Lloyds Banking Group

The Government has sold a further 1% stake in Lloyds Banking Group, reducing its total holdings to 13.99%.

In a stock market disclosure, the Treasury said it has now recouped £14bn from the sell off, all of which has gone towards reducing the national debt.

The price for the share sale, which was conducted on Friday, was not disclosed.

During the financial crisis, the Government bought a 41% stake in Lloyds worth around £20.5 billion.

Speaking about the latest sale, Chancellor George Osborne said: "It's fantastic news that we've sold more shares in Lloyds Bank, taking the total recovered to almost £14 billion.

"I am determined to build on this success, and to continue to return Lloyds to the private sector and reduce our national debt."

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

"This reflects the hard work undertaken over the last four years to transform the Group in to a simple, low-risk and customer-focused bank that is committed to helping Britain prosper".

Last week, the bank reported a 38% rise in first-half profits despite having to set aside a further £1.4bn for payment protection insurance (PPI) mis-selling.


From Belfast Telegraph