Public to be offered £2bn of Lloyds shares
There's going to be at least £2bn worth of shares in Lloyds Banking Group getting offered to the general public in 2016, according to the Treasury. Hurray, if that's your sort of thing. If not, go back to thinking about what you're going to have for your tea tonight.
Joe Public is going to get a 5% discount on the market price and, in addition to that, receive a bonus share for every 10 if they hold on to their investment for more than a year.
You'll need to apply online or by post, and all the proceeds from the sale will go toward getting rid of the national debt. That'd be our debt, being paid off by ourselves there. Either, this might be a good opportunity for some, if they've got a hankering for some stocks and shares action.
To try and stop rich people getting all the shares, anyone applying for less than £1,000 will be prioritised, apparently.
The sale will be happening next Spring, which is a bit vague. Either way, the government clearly want this sorted out quickly and they're clearly hoping that some ordinary people will show some interest with this.
Over £20bn in taxpayers' money was thrown at Lloyds thanks to the global financial crisis, and since then, the government has been slowly flogging shares to institutional investors. However, next year is the first time the general public will be able to get in on it.
If you want to buy some Lloyds shares, then start at this government website, dedicated to the sale.