Osborne sets out trading plan for Lloyds sell-off

17 Dec 14
Chancellor George Osborne has announced the government will step up the privatisation of Lloyds by adopting a six-month trading plan to sell more of the state-owned shares in the bailed-out bank.

By Richard Johnstone | 18 December 2014

Chancellor George Osborne has announced the government will step up the privatisation of Lloyds by adopting a six-month trading plan to sell more of the state-owned shares in the bailed-out bank.

The government has already sold off some of its holding in Lloyds, which has reduced the government’s stake in the bank from around 40% to just under 25% and has raised £7.4bn.

Osborne said that UK Financial Investments, which manages the Treasury’s investment in bailed out banks also including Royal Bank of Scotland, had recommended it would now be appropriate to make further reductions as part of a trading plan.
Osborne said the government has agreed and had now approved a plan to gradually sell shares over a period of approximately six months.

‘The trading plan I’m initiating today is made possible by our long-term economic plan which is delivering a more secure and resilient economy,’ he added.

‘It is another step in reducing our national debt and in getting taxpayers’ money back.’

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