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.

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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

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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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Labour: 'Vital that taxpayers get their money back'

Labour has called on the Government to ensure taxpayers get their money back when they sell off six per cent of Lloyds Banking Group.

Chris Leslie, Labour's shadow financial secretary to the Treasury, said:

“It’s vital that taxpayers get their money back and this must be the prime consideration in the sale of the government’s stakes in the banks.

"And as Labour has consistently said any profits from the sale should be used to repay the national debt."

Lloyds: Government decision reflects 'hard work'

The Chief Executive of Lloyds Banking Group, Antonio Horta-Osorio Credit: PA Wire

The Chief Executive of Lloyds Banking Group has hailed the Government's decision to sell six per cent of its share in the company, insisting it reflects the "hard work" put in to make the bank profitable and safe again.

Antonio Horta-Osorio said: “I am pleased that the Government has been able to begin the process of selling its stake, and give taxpayers the opportunity to get their money back.

"I believe this reflects the hard work undertaken over the last two years to make Lloyds a safe and profitable bank that is focused on supporting the UK economy.”

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