More Lloyds shares sold by Treasury

14 Dec 16

The government has now recovered over £17.5bn of the £20.3bn of taxpayers’ money injected into Lloyds during the financial crisis, the Treasury has announced.

The government has been selling shares in the banking group in accordance with a trading plan, and has confirmed its remaining shareholding is now less than 7%.

During the peak of the crisis, around 40% of Lloyds was owned by the taxpayer.

Economic secretary to the Treasury, Simon Kirby said: “Selling our shares in Lloyds Banking Group and making sure that we get back all the cash taxpayers injected into during the financial crisis is a key government priority.”

The initial Lloyds trading plan ran from 17 December 2014 to 30 June 2016, but was extended by the government until around October next year.

Initially, the government planned to sell Lloyds shares to the public, but scrapped the idea due to ongoing market volatility.

At the time chancellor Philip Hammond said it was “not the right time for a retail offer,” and that restricting the sale offer to institutional investors was the best way to ensure the government recouped as much taxpayer money as possible.

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