The taxpayers’ stake in Lloyds Banking Group has been reduced to just under 20%, raising £500 million for the Treasury.
The bailout of Lloyds originally cost UK taxpayers £20 billion for a 40% stake at the height of the financial crisis. This most recent sale means the Treasury has now recouped a total of £10 billion, half of its original investment.
A Lloyds Banking Group spokesperson said: ‘Today’s announcement shows the further progress made in returning Lloyds Banking Group to full private ownership and enabling the taxpayer to get their money back.
‘This reflects the hard work undertaken over the last four years to transform the group into a simple, low-risk and customer-focused bank that is committed to helping Britain prosper.’
Continuing his role as Chancellor of the Exchequer, George Osborne added: ‘These sales have only been made possible by our long-term economic plan, and we are determined to build on this success’.