The Government is looking to reduce the overall size of the taxpayer stake in Lloyds and simultaneously shift more than five billion shares.
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?
The overall government borrowing figure for the 2013-14 financial year was £107.7bn, down £7.5bn on the previous year.
ITV News Deputy Political Editor Chris Ship has details of the latest public sector borrowing figures from the Office for National Statistics (ONS).
Borrowing for '13/14 was £107.7bn says @ons. Lower than December forecast of £111.2bn. Tad lower than last month Budget forecast of £107.8bn
Figures from @ons show total UK net debt at end of financial year was £1,269 billion which is 76% of our GDP
The chair of the Commons committee has welcomed an independent review into the under-fire financial Money Advice Service (MAS). Conservative MP Andrew Tyrie has said it was important given the role handed to the MAS in drawing up guidelines for pensioners.
He said: "[The Government] now agrees that this review should be independent, rather than Treasury-led.
"Our report called for the results of the review to be published no later than summer 2014. Given that the MAS has now been asked by the Treasury to play a role in creating the new financial guidance for pensioners, it is even more important that the Government gets on with it.
"A central task of the review will be to assess whether we should continue to channel £80 million or thereabouts each year through the MAS."
An independent review into an under-fire financial advice service has been ordered by the Treasury.
Economic Secretary Sajid Javid accepted MPs' calls for the probe into the Government-backed Money Advice Service.
He was responding to a Commons committee report which concluded the MAS was "not currently fit for purpose". It was also criticised by a public spending watchdog for failing to reach out to those most in need of advice and not providing value for money itself.
Mr Javid said the Government had long planned to examine its work but that an independent reviewer "will bring a fresh perspective to this important issue".
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:
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.
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.
UKFI is a company with HM Treasury as its sole shareholder which is mandated to manage the Treasury's shareholdings.
Government has sold 7.8% of shares in Lloyds Banking Group, at 75.5p per share.
Govt stake in Lloyds now less than 25%. Part of our long term economic plan to deliver economic security
The government is planning to sell more of its stake in Lloyds Bank, ITV News Business Editor Joel Hills reports.
Another slice of our stake in Lloyds to be sold overnight. UKFI hopes to raise £4.2 billion + reduce taxpayer holding from 32.7% to 25%
The Chief Secretary to the Treasury Danny Alexander has welcomed the fall in inflation:
Inflation falls to 1.7% in Feb – another sign that our long term plan is working. Eases the pressure on family budgets #strongereconomy
Chief Secretary to the Treasury, Danny Alexander, has told ITV News' Deputy Political Editor Chris Ship the government's pay deal to public sector workers is a "right, fair balance".
It was announced today that public sector workers will receive a one per cent increase to their pay, apart from those who already receive "progresson-in-job" increases due their length of service. These increases are typically worth more than three per cent.
Chief Secretary to the Treasury Danny Alexander has said that the risks of Scottish independence are "becoming ever clearer". He said: "What we've seen today with Standard Life and RBS are the risks of independence becoming ever clearer."
He added: "It’s common-sense that when you have something that works there will be adverse consequences if you rip it apart. The strength and stability of the United Kingdom is the essential underpinning of Scotland’s successful financial services sector over several centuries.
"These businesses are reasonably and fairly setting out the consequences of the SNP’s dangerous, risky, and unclear plans for independence. I doubt they’ll be the last.”