Lloyds bank: Will we get our money back?

The Treasury has started the process of one of the most anticipated business deals in years, but will the taxpayer get their money back?

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Lloyds increases sale of TSB shares after strong demand

Lloyds Bank has increased the number of shares it is selling in TSB as a result of strong demand from investors.

The bank, a quarter of which is owned by the taxpayer, had initially decided to sell a 25% stake in TSB but has now upped the proportion to 35%.

TSB has been valued at £1.3bn. Credit: Nick Ansell/PA Wire/Press Association Images

The shares have been priced at 260p each, giving TSB a market value of £1.3bn.

Read: Is TSB the John Lewis of financial services?

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Lloyds Banking Group confirm job losses

File photo dated 18/03/14 of a general view of a sign for Lloyds Bank Credit: PA Images

Lloyds confirmed the job losses, but said 65 new roles will be created across group operations and retail.

A statement said: "Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way. All affected employees have been briefed by their line manager today.

Compulsory redundancies will always be a last resort. In fact, since the strategic review in 2011 around only a third of role reductions have led to people leaving the group through redundancy."

Lloyds said that of 15,000 previously announced job losses, 13,055 will have gone after today's news.

Union urges no compulsory redundancies at Lloyds Bank

The Unite union has said it will press Lloyds Bank for a guarantee of no compulsory redundancies as the banking group was revealed to be axing 645 jobs and closing a telephone banking centre in Warrington.

Over 2,400 jobs have gone at the taxpayer bailed out bank since the start of the year leading to "plummeting" staff morale, said Unite.

Half the job losses half will result from the Warrington site's closure by the end of 2014, in a move Unite branded as "unjustified" and a "bad deal" for customers. Most of the other cuts will be from the group's wealth business and HR function, said Unite.

More: Lloyds Bank to cut 645 jobs.

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£4.2 billion raised in selling taxpayer's Lloyds shares

As the government confirmed it has sold more of its stake in Lloyds Bank, ITV News Business Editor Joel Hills looks at what that means for the tax payer and the company:

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UKFI says overnight it raised £4.2 billion by selling more of the taxpayer's stake in Lloyds. Got 75.5p/share, market close yesterday 79p.

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Our stake in Lloyds has fallen to 24.9% - in the City when a company owns 25% of another company it is deemed a controlling shareholder.

Read more: Government looks to reduce taxpayer stake in Lloyds

UKFI is a company with HM Treasury as its sole shareholder which is mandated to manage the Treasury's shareholdings.

Treasury confirms it has sold 7.8% of Lloyds shares

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Government has sold 7.8% of shares in Lloyds Banking Group, at 75.5p per share.

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Govt stake in Lloyds now less than 25%. Part of our long term economic plan to deliver economic security

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