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  1. ITV Report

Lloyds repays taxpayers' £20.3 billion financial crisis bailout

Chancellor Philip Hammond speaks in Washington. Credit: Pool

British taxpayers have recovered all of the £20.3 billion bailout injected into Lloyds Banking Group to prevent it from collapsing during the 2008 financial crisis.

The Chancellor Philip Hammond confirmed that £20.4 billion had been paid back into Government coffers since it began selling its 43% stake in Lloyds in 2013.

The Government's stake included both sales and dividends.

The Government expects to exit its remaining shareholding of less than 2% over the next few months.

Lloyds received a £20.3 billion bailout during the financial crisis. Credit: PA

Speaking at the International Monetary Fund (IMF) in Washington on Friday, Mr Hammond said: “Recovering all of the money taxpayers injected into Lloyds marks a significant milestone in our plan to build an economy that works for everyone.

“While it was right to step in with support during the financial crisis, the government should not be in the business of owning banks in the long term.

"The right place for them is in the private sector and I’m pleased to be able to say we are approaching the point at which we will sell our final shares in Lloyds Bank.”