UKFI advises Chancellor to sell another part of the government’s shareholding in Lloyds Banking Group
26 Mar 2014 12:11 PM
UK Financial Investments
yesterday advised the Chancellor it would be appropriate to sell another part
of the government’s shareholding in Lloyds Banking
Group.
A Treasury spokesperson
said:
UK Financial Investments (UKFI)
today advised the Chancellor it would be appropriate to sell another part of
the government’s shareholding in Lloyds Banking Group. The government
agrees with that advice and has authorised the process to
begin.
The government set out its
objectives for its shareholdings in the banks in the Chancellor’s annual
Mansion House address last June – getting the best value for the
taxpayer, maximising support for the economy and restoring private ownership
– and as set out in that address, the government will only conclude a
sale if these objectives are met.
Building a stronger banking
system is a core part of the government’s long term economic plan to
deliver greater economic security.
Please see the
announcement made by United Kingdom Financial Investments Limited of
today’s date, for important legal messages about the proposed
sale.