Regulation  

Gov’t announces Lloyds shares have raised £15bn

Gov’t announces Lloyds shares have raised £15bn

The government has sold a further 1 per cent shareholding in Lloyds Banking Group through its trading plan launched in December, taking the total raised for the taxpayer to £15bn.

This means the government’s total shareholding in the banking group is now below 12 per cent.

It added that all sales are used to reduce the nation debt, and that a trading plan will end no later than 31 December 2015.

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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.”

This follows on from August’s 1 per cent sell-off, which took the total holding to below 13 per cent. At that time, the government said this took the total raised for the taxpayer to £14.5bn.

In June, the government opted to extend the Lloyds’ trading plan for a further six months, as part of the next stage to return the bank to private ownership and get taxpayers’ money back.

In the last Budget the chancellor announced he would sell at least a further £9bn of Lloyds shares in 2015 to 2016.

ruth.gillbe@ft.com