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Lloyds share sale nets Treasury another £500 million

The Government has netted another £500 million from the sale of shares in Lloyds Banking Group, it was revealed today.

Tax payer owned Lloyds share sale nets Treasury £500 million Credit: Stefan Rousseau/PA Wire

The transactions mean the UK taxpayer now holds a 23.9% stake in the bank, compared with 40% when it was bailed out during the financial crisis.

The amount of money recovered from the bank is now just under £8 billion after the latest round of share sales was launched in December.

HSBC chief executive earned £7.6m despite poor year

HSBC Stuart Gulliver earned a bonus of £1.3 million last year. Credit: PA

HSBC chief executive Stuart Gulliver earned £7.6 million in 2014 - including a bonus of £1.3 million and an "allowance" of £1.7m - it was revealed today as the group announced its annual figures.

My Gulliver's bonus was down from last year's £1.8 million, mainly due to the impact of a £216 million fine from the Financial Conduct Authority relating to HSBC's failure to prevent the rigging of foreign exchange operations.

The group today announced a 17 percent fall in its annual profits and Gulliver admitted the bank had "disappointed" in 2014.

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HSBC report 17% drop in profits

HSBC became embroiled in a tax avoidance row this month. Credit: PA

HSBC has reported a 17 percent drop in annual pre-tax profits to £12.1 billion.

Chief executive Stuart Gulliver admitted that the banking giant had "disappointed" last year, as its share price slid 3 percent in early trading today.

The results were announced as Mr Gulliver was dragged into the ongoing furore over the bank's tax activities following the disclosure that he has a bank account in Switzerland to hold bonus payments.

The group has been mired in allegations that its Swiss private banking subsidiary helped thousands of wealthy clients avoid tax.

Centrica boss: 'We will be cutting future investments'

The boss of British Gas owners Centrica has said the company will be cutting its investments in order to lower costs following a "difficult year" which saw their profits fall by 35%.

CEO Ian Conn said: "2014 was a very difficult year for Centrica and the recent fall in oil and gas prices creates further challenge.

"We are cutting investment and costs in response."

Iain Conn says Centrica will cut spending on investments Credit: Fiona Hanson/PA Archive/Press Association Images

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Centrica profits fell 35% last year

Centrica, the company who own British Gas, have reported that their profits fell 35% to £1.75 billion last year.

The company also confirmed that profits from their residential energy supply fell 23% to £439 million.

The company who own British Gas have reported that their profits fell last year Credit: PA Archive/Press Association Images
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