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.”
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.”