UK Government Cuts Stake In Lloyds Banking Group To Below 13% (ALLISS)

The Treasury announced the latest sale today, which reduces the government’s ownership to below 13%, down from a peak of around 40%.

UK Financial Investments, which manages the government’s stakes in Lloyds and Royal Bank of Scotland, has reduced its holding to 12.97%, Lloyds said on Monday.

It means the Government has now recouped around £14.5 billion of the £20.5 billion spent bailing out the lender at the height of the financial crisis in 2008. I hope that (Lloyds) will be complete within the year’.

The government began selling off the 43% stake in September 2013.

Earlier this month the Government confirmed that it had sold £14bn of shares, and it has now disposed of a further 1 per cent holding.

“It’s fantastic news that we’ve sold more shares in Lloyds Bank, taking the total recovered to £14.5bn”, Osborne said.

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