Treasury recoups £20.3bn injected into Lloyds

28 Apr 17

The Treasury has now recouped the £20.3bn of public money injected into Lloyds Banking Group during the financial crisis.

Chancellor Philip Hammond confirmed the government had received £20.4bn since it began selling its stake in the bank in 2013.

The announcement on April 21 came after the Treasury revealed its shares in the firm had dropped below 2% at the beginning of the month – it now expects to sell off the remaining shares in the next few months.

Speaking in Washington Hammond said: “Recovering all of the money taxpayers injected into Lloyds marks a significant milestone in our plan to build an economy that works for everyone.

“While it was right to step in with support during the financial crisis, the government should not be in the business of owning banks in the long term.

"The right place for them is in the private sector and I’m pleased to be able to say we are approaching the point at which we will sell our final shares in Lloyds Bank.”

In contrast the chancellor had told MPs that taxpayers could lose out on the sales of RBS shares after it was given a £45.2bn bailout during the financial crisis.

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