- 13 updates
UK Financial Investments, which manages the Government's stakes in Lloyds and Royal Bank of Scotland, said it has agreed not to sell any more shares in the bank for a period of 90 days.
The Treasury announced it will sell six per cent of part-nationalised Lloyds Banking Group, worth about £3.3 billion, via a placing to institutional investors, UKFI announced on Monday.
The sale will reduce the Government's stake in Lloyds to 32.7 percent.
The Treasury says it wants to get the "best value for the taxpayer" after it was revealed that the Government are planning to sell six per cent of Lloyds Banking Group.
A Treasury spokesperson said: “UK Financial Investments today advised the Chancellor it would be appropriate to begin the process to sell part of the Government’s shareholding in the Lloyds Banking Group.
"The Chancellor agrees with that advice and has authorised the process to begin.
"The Chancellor set out the Government’s objectives for its shareholdings in the banks at the Mansion House speech earlier this year.
"We want to get the best value for the taxpayer, maximise support for the economy and restore them to private ownership. The Government will only conclude a sale if these objectives are met.”
The Treasury has revealed plans to sell six per cent of Lloyds Banking Group.
Latest ITV News reports
Chancellor tells ITV News the sale of £3.21bn worth of Lloyds shares will not necessarily trickle down to struggling households.
The Treasury has started the process of one of the most anticipated business deals in years, but will the taxpayer get their money back?