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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Treasury's Scottish debt pledge ahead of referendum

The Treasury has pledged to honour all UK Government debt up to the date of potential Scottish independence, if Scots vote in favour in September's referendum.

ITV News Business Editor Laura Kuenssberg explains:


And important #indyref story - Treasury will stand behind all UK debt - move to prevent market jitters about Scotland going it alone


Treasury paper on guaranteeing Scot debt - NB share of debt Indy Scotland would take on not decided https://t.co/uqoWVKaz7o

UK pays child benefit to 25,659 children in Poland

The Polish prime minister has criticised David Cameron for singling out Poland in his vow to ban British child benefit payments to children of EU migrants.

According to Treasury figures, over half the children in EU nations who receive child benefit are in Poland.


According to Treasury figures - the UK pays child benefit to 40,000 children living in another EU member state.


More child benefit figures: govt pays it to 13m children of which 40,171 live in EU (Poland 25,659, RoI 2,609, France 2,003, Slovakia 1,881)

Read more: Polish PM attacks Cameron in EU child benefit row


Government to announce 1% cut to departmental budgets

The Treasury has confirmed that the government will announce budget cuts of 1% to departments over the next two years.

Making the announcement on Twitter the Treasury said:


Resource budgets in government departments cut by around 1.1% over next two years #responsiblerecovery


No cuts to capital, health, schools, aid, HMRC, local gov & security services. MoD given exceptional flexibility #responsiblerecovery

In another message the Treasury said: "Chancellor & Chief Sec have written to cabinet to inform them an extra £1bn a year savings will be made over next 3yrs."

Treasury: Independence 'could cost Scots £1,000 a year'

The Treasury has claimed an independent Scotland could cost Scottish taxpayers £1,000 a year.

The Chief Secretary to the Treasury Danny Alexander said the calculation was based on the "most optimistic independent assessment of Scotland's finances" by the Institute of Fiscal Studies think tank, which published its report last week.

Two men hold up a Scottish flag and a Union flag.
Scotland will publish its 'blueprint' for independence tomorrow. Credit: David Cheskin/PA Archive

Read: Independent Scotland 'faces spending cuts or tax rises'

In a letter to Scotland's First Minister Alex Salmond, Mr Alexander cited the IFS' statement that independence would require policy action "equivalent to around an eight percentage point increase in the basic rate of tax".

He said Treasury officials calculated this would mean an average increase for basic rate tax payers in Scotland of around £1,000 per year.


Chancellor meets Lloyds staff after government share sell

by - Former Business Editor

In a speech to assembled Lloyds Banking Group staff in Birmingham, Chancellor George Osborne thanked employees for putting up with "difficult decisions" and job restructuring since the 2008 government bailout.

On the Government's six per cent share sale today, the Conservative said that the Treasury achieved a "good price", making a £61 million profit for the taxpayer.

Lloyds Banking Group chief executive boss António Horta-Osorio added that he is "delighted" the Government has taken the opportunity to start selling its bank stake.

Lloyds sell marks beginning of end of financial crisis

by - Economics Editor

Today, in many ways, marks the beginning of the end of the financial crisis. It's symbolic because shares in Lloyds Banking Group have risen enough to allow the Government to make a small profit on the six per cent stake it sold off today.

This is the first payout for taxpayers following the 2008 bailout of Lloyds bank, which of course was carried out by the Labour government at the time and they're now claiming vindication of that policy.

However, taxpayers still have a significant stake of more than 30 per cent in Lloyds.

There's a political angle going on here too and the Chancellor, George Osborne, is trying to keep this momentum flowing in his party's direction following his recent speech in which he stated that the economy had turned the corner.

Read: Treasury insists it was 'right time' to sell Lloyds stake

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