George Osborne’s claims that the Treasury made a profit on the sale of Lloyds Banking Group have turned out to be false, as figures show the country has actually LOST £230m.
Figures from the National Audit Office (NAO) show the treasury took a huge hit when selling its stake in the bailed-out bank, instead of the £60m profit Osborne claimed.
After selling the bank in September, he tweeted:
Confirm have sold 6% of Lloyds shares at 75p. Profit for taxpayer & important step in plan to get their money back and repair economy
— George Osborne (@George_Osborne) September 17, 2013
But unfortunately, the Chancellor was wrong, according to the NAO.
“Taking account of the cost of borrowing the money to buy the shares, there was a shortfall for the taxpayer of at least £230m,” it said.