Govt sells 6% Lloyds stake

The Government has sold a 6 per cent stake in Lloyds Banking Group for £3.21 billion at a share price of 75p.

Latest ITV News reports

Chancellor meets Lloyds staff after government share sell

by - Former Business Editor

In a speech to assembled Lloyds Banking Group staff in Birmingham, Chancellor George Osborne thanked employees for putting up with "difficult decisions" and job restructuring since the 2008 government bailout.

On the Government's six per cent share sale today, the Conservative said that the Treasury achieved a "good price", making a £61 million profit for the taxpayer.

Lloyds Banking Group chief executive boss António Horta-Osorio added that he is "delighted" the Government has taken the opportunity to start selling its bank stake.

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Lloyds sell marks beginning of end of financial crisis

by - Economics Editor

Today, in many ways, marks the beginning of the end of the financial crisis. It's symbolic because shares in Lloyds Banking Group have risen enough to allow the Government to make a small profit on the six per cent stake it sold off today.

This is the first payout for taxpayers following the 2008 bailout of Lloyds bank, which of course was carried out by the Labour government at the time and they're now claiming vindication of that policy.

However, taxpayers still have a significant stake of more than 30 per cent in Lloyds.

There's a political angle going on here too and the Chancellor, George Osborne, is trying to keep this momentum flowing in his party's direction following his recent speech in which he stated that the economy had turned the corner.

Read: Treasury insists it was 'right time' to sell Lloyds stake

Treasury insists it was 'right time' to sell Lloyds stake

Treasury Chief Secretary Danny Alexander has said it was the "right time" for the Government to sell a six per cent share stake in Lloyds Banking Group.

The Liberal Democrat told BBC Radio 5 Live that he and the Chancellor, George Osborne, had been given advice by Treasury officials to start the process of selling.

I think that what it shows is that our economy is turning a corner, that we are now in a position where overseas investors and others are looking to invest in British banks.

Given the massive commitment that the British taxpayer made to rescuing these banks when things went wrong back at the time of the financial crisis, I think that it is a welcome sign that we are starting the process, and of course it will be a long process, of getting the taxpayers' money back.

– Treasury Chief Secretary, Danny Alexander

Read: Lloyds Banking Group share price falls in early trading

Osborne: Lloyds share sell is boost for taxpayers

Chancellor George Osborne says the Government's sale of a six per cent share stake in Lloyds Banking Group will give taxpayers "their money back" and help "repair" Britain's economy.

Taxpayers still have a significant stake in the bank of more than 30 per cent, but Osborne added that the £3.21 billion deal is an "important step" in his spending plans.

He tweeted:

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Confirm have sold 6% of Lloyds shares at 75p. Profit for taxpayer & important step in plan to get their money back and repair economy

Read: Profits boost for government after selling Lloyds stake

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Profits boost for government after selling Lloyds stake

by - Former Business Editor

The sale of a six per cent share stake in Lloyds Banking Group has produced a cash profit of £61 million for the Government, and a 'fiscal profit', that will help the books, of £586 million.

However, taxpayers still have a significant stake in the bank of more than 30 per cent.

Read: Government sells 6% share in Lloyds Banking Group

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