Govt sells further £500m Lloyds shares

clock

The government has sold a further £500m of Lloyds Banking Group shares through a trading plan launched in December, taking the total amount of money recovered for the taxpayer from the bank to just under £8bn.

The Chancellor said the latest sale meant the government's stake in the bank had reduced to 24%. It follows £7.4bn of sales completed last year, prior to which the government's stake was 40%.

George Osborne added all shares sold through the trading plan had been sold above the average price the previous government paid for them, which was 73.6p.

Osborne said: "I am delighted to announce that the trading plan I launched in December has raised a further £500m for the taxpayer so far. This is further progress in returning Lloyds Banking Group to private ownership, reducing our national debt and getting taxpayers' money back.

"The trading plan and its success are only made possible by our long term economic plan which is delivering a more secure and resilient economy."

The trading plan involves gradually selling shares in the market in a 'measured' way.

Launched on 17 December 2014, it will continue for about four months and will end no later than 30 June.

 

More on Regulation

More than £54m recovered by FSCS from failed financial providers

More than £54m recovered by FSCS from failed financial providers

Approximately £2m passed on as an additional recovery

Jaskeet Briah
clock 09 April 2024 • 1 min read
FOS increases complaint level predictions for 2024/25

FOS increases complaint level predictions for 2024/25

Commitment to resolve 17% more cases

Jaskeet Briah
clock 04 April 2024 • 3 min read
CII to reduce headcount by eight to 'deliver better outcomes'

CII to reduce headcount by eight to 'deliver better outcomes'

Forming plans to streamline processes and services

Isabel Baxter
clock 26 March 2024 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read