£500m for the latest batch of Lloyds sales

9 March 2015

Lloyds-Banking-Group-001 The government have bagged themselves £500m after the latest crop of sales of the Lloyds Banking Group. These sales, which started last month, lowers the publicly-owned stake to 22.98%.

If you've been living in a cave, Lloyds got £20bn of support during the financial crisis and the taxpayer ended up with a 40% stake in the bank. Now, UK Financial Investments (UKFI), are selling bits of it off to try and recoup the money.

Thus far, the Treasury has got around £8.5bn back.

UKFI is really getting a wriggle on with the sales though, and in recent weeks, have upped their work on it in a bid to exploit a surge in the Lloyds' share price.

In a statement, George Osborne said: "These sales are part of our plan to return Lloyds to the private sector and get taxpayers' money back. The proceeds will be used to reduce the national debt."

The government still own 79% of the RBS Group, who themselves got a £45bn bailout in 2008. Again, Osborne is promising a quick sale on that if he ends up keeping his job as chancellor.

TOPICS:   Banking

2 comments

  • Albi
    Nice. That'll pay for the fact the Tories are now using our money paying for every other radio advert, TV and billboard ad. The only difference is they say 'HM Government' in the corner. Telling the public to switch energy supplier or get faster broadband is a great use of money. It's not as if comparison websites or telecoms companies ever advertise is it?
  • Martin
    They are getting back more money than they spent in the first place. Which is good. The advertising Albi mentions is a response to morons saying they didn't know choice existed and why didn't the government tell us!

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