Government sells 7.8 per cent of shares in Lloyds
Banking Group, at 75.5p per share.
The
government yesterday (26 March 2014) sold another part of its shares in Lloyds
Banking Group. It has sold 24 per cent of its remaining shares in the bank, at
a price of 75.5p per share. This takes the government’s holding in the
bank to less than a quarter.
The
sale has secured further value for the taxpayer and will be used to pay down
the national debt. It is part of the government’s long term economic plan
to build a stronger and safer banking sector.
The
Chancellor received advice from UK Financial
Investments (25 March 2014) that it would be appropriate to sell part
of the government’s shareholding in Lloyds. The Chancellor agreed with
that advice and authorised the process to begin.
The
government has now sold 36 per cent of its original stake in Lloyds, which now
stands at 24.9 per cent.
Chancellor of the Exchequer, the Rt Hon George Osborne
MP, said:
I
can confirm this morning that we have sold a further £4.2 billion of
shares in Lloyds Banking Group at 75.5p a share, taking the taxpayer’s
stake down to below a quarter of the bank. This represents good value for the
taxpayer and the money will again be used to reduce the national
debt.
This is another step in the government’s long term
economic plan to deliver a more secure and resilient economy. It is another
step in repairing the banks, in reducing our national debt and in getting the
taxpayer’s money back.