Government gets further £500m of taxpayers’ money back from Lloyds share sales
Chancellor announces that the government has sold a further £500m of Lloyds Banking Group shares through the trading plan, launched in December 2014.
The Chancellor has today announced that the government has sold a further £500m of Lloyds Banking Group shares through the trading plan that was launched in December 2014, taking the total amount of money recovered for the taxpayer from the bank to just under £8bn.
The latest sales mean that the government’s stake in the bank has reduced from around 40% to 24%.
The government remains committed to restoring Lloyds to private ownership in a way which gets the best value for the taxpayer. All shares sold through the trading plan have been sold above the average price the previous government paid for them, which was 73.6p.
The Chancellor George Osborne said:
I am delighted to announce today that the trading plan I launched in December has raised a further £500m for the taxpayer so far. This is further progress in returning Lloyds Banking Group to private ownership, reducing our national debt and getting taxpayers’ money back.
The trading plan and its success are only made possible by our long term economic plan which is delivering a more secure and resilient economy.
A trading plan involves gradually selling shares in the market over time, in an orderly and measured way. The trading plan, which was launched on 17 December 2014, will continue for approximately four months, ending no later than 30 June.
As required by Financial Conduct Authority (FCA) rules, Lloyds Banking Group announced today that the government’s shareholding in the bank had crossed through a one percentage point threshold. This announcement notifies the market that the government has reduced its shareholding in Lloyds by a 1% threshold, in this case to below 24%.
Latest News from
House sales rise following introduction of stamp duty holiday supporting nearly 750,000 jobs22/09/2020 15:20:00
Residential property transactions rose 15.6% in August following introduction of stamp duty holiday.
Nearly a million workers used flexible furlough in July21/09/2020 11:10:00
950,000 workers got back to work part-time in July according to new figures.
G20 Finance and Health Ministers – statement on COVID-19 response: 17 September 202018/09/2020 15:20:00
G20 Finance and Health Ministers yesterday made a statement on the COVID-19 response after a virtual meeting.
Official figures show that the furlough scheme has worked: saving jobs and helping more than half of employees back to work already16/09/2020 10:05:00
More than half of those furloughed since May returned to work by mid-August according to data published by the Office for National Statistics.
John Penrose MP to lead review exploring how to bolster UK competition policy14/09/2020 16:15:00
John Penrose MP has been asked to examine UK competition policy.
New stop and search powers for convicted knife criminals14/09/2020 11:25:00
Serious Violence Reduction Orders (SVROs) are designed to ensure repeat offenders are more likely to be caught and put in prison.
Duty Free extended to the EU from January 202114/09/2020 09:25:00
British passengers travelling to EU countries will be able to take advantage of duty-free shopping from January 2021, bringing our approach to the EU in line with the rest of the world.
Ministers announce new grants for businesses affected by local lockdowns10/09/2020 15:20:00
Businesses in England that are required to shut because of local interventions will now be able to claim up to £1,500 per property every three weeks.