The government has sold a further 1 per cent stake in Lloyds Banking Group, through the trading plan launched in December.
This means the total raised for the taxpayer now stands at more than £13bn, reducing the government’s shareholding to less than 15 per cent.
The trading plan involves gradually selling shares in the market over time, in an orderly and measured way. It was launched on 17 December 2014 and will end no later than 31 December 2015.
As required by Financial Conduct Authority rules, Lloyds announced today (16 July) that the government’s shareholding in the bank has crossed through a one percentage point threshold.
All sales are used to reduce the national debt.
Chancellor George Osborne said: “I am determined to build on this success, and to continue to return Lloyds to the private sector and reduce our national debt.
Last month the government opted to extend the Lloyds Banking Group’s trading plan for a further six months, as part of the next stage to return Lloyds to private ownership and get taxpayers’ money back.
In the Budget the chancellor announced he would sell at least a further £9bn of Lloyds shares in 2015 to 2016.
emma.hughes@ft.com
