Government offloads another 1% stake in Lloyds
- Credit: PA
The Government has sold off a further 1% chunk in taxpayer-backed Lloyds Banking Group, reducing its overall stake to less than 10%.
It means the Government has now raised £16 billion from the sale. All proceeds are used to reduce the national debt.
Chancellor George Osborne took to Twitter to describe dropping below the 10% mark as a “big milestone in returning the bank to the private sector and getting taxpayers’ money back”.
While this sale will be available to City investors, Lloyds has announced plans to sell at least £2 billion of shares to the public at a discounted price this spring.
Lloyds Banking Group announced on Wednesday that its quarterly profits had slipped despite attempts to reduce costs.
You may also want to watch:
It said third quarter underlying pre-tax profit fell 8% to £2 billion compared with a year ago.
- 1 Postman who abandoned 'undriveable' van wins unfair dismissal claim
- 2 Dozzell set for QPR, as Championship clubs show interest in Downes
- 3 Inside quirky off-grid houseboat with stunning river views - yours for £500k
- 4 GP surgery in 'special measures' after patients and staff raise concerns
- 5 Man in 20s dies after fall from pub
- 6 Busy high street taped off by police
- 7 Woman suffers life-threatening injuries after fall from building
- 8 Covid infections mapped: 20 postcode areas report three or more cases
- 9 If your surname is on this list you could be sitting on a fortune
- 10 My frustration at how rude drawings balls up our beaches