Government sells more Lloyds shares

Earlier on Monday, the government said it had reduced its holding in Lloyds to below 13 percent after a latest sale of shares to institutional investors.

Lloyds needed £20.5bn ($32.1bn) of taxpayers’ cash to avoid collapse at the peak of the global crisis.

The Chancellor came under heavy criticism for the way he conducted the sale because the RBS shares were sold at a loss.

“I am determined to build on this success and to continue to return Lloyds to the private sector”, Osborne said in a statement.

The finance ministry began selling off its stake in September 2013 and Lloyds is on track to return to full private ownership in 2016.

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

The Government’s trading plan is expected to run to 31 December 2015.