Government stake in Lloyds less than 2% after further share sale

3 Apr 17

The government has continued to sell shares in Lloyds Banking Group, reducing its remaining shareholding to less than 2%, it has been announced.

In a statement released today, the government confirmed it has now recovered more than £20bn of the £20.3bn injected into the firm.

Whitehall’s trading plan for Lloyds shares initially ran from 17 December 2014 to 30 June 2016 but this was extended in October last year.

The economic secretary to the Treasury, Simon Kirby, said: “I welcome this further progress in returning Lloyds to the private sector. We have now recovered over £20bn for the taxpayer and are very close to recovering all of the money taxpayers injected into the bank during the financial crisis.”

On 9 January 2017, the government announced it had passed the milestone of returning Lloyds to the private sector when it confirmed it was no longer the bank’s largest shareholder.

All proceeds from the sales are used to reduce the national debt.

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