Home Business NewsEconomic News Latest sale takes government's Lloyds stake to below seven per cent

Latest sale takes government's Lloyds stake to below seven per cent

by LLB Reporter
13th Dec 16 11:38 am

The latest one per cent stake has seen hived off for £400m.

The Government’s stake in Lloyds Banking Group has been cut to under seven per cent from the previous 43 per cent.

The latest one per cent stake has seen hived off for £400m.

Taxpayers poured £20bn into the rescue of the bank during the economic downturn. The current sell-off is going to be finalised at a price lower than the 73.6p average price paid for the stake during the crisis

A spokesperson for Lloyds said: “Today’s announcement shows the further progress made in returning Lloyds Banking Group to full private ownership and enabling the taxpayer to get their money back.

“This reflects the hard work undertaken over the last five years to transform the group into a simple, low-risk and customer-focused bank that is committed to helping Britain prosper.”

Simon Kirby, the economic secretary to the Treasury, said: “Selling our shares in Lloyds Banking Group and making sure that we get back all the cash taxpayers injected into it during the financial crisis is a key government priority. So I am pleased that we have continued to reduce our stake in Lloyds.”

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