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

Treasury Chief Secretary Danny Alexander has said it was the "right time" for the Government to sell a six per cent share stake in Lloyds Banking Group.

The Liberal Democrat told BBC Radio 5 Live that he and the Chancellor, George Osborne, had been given advice by Treasury officials to start the process of selling.

I think that what it shows is that our economy is turning a corner, that we are now in a position where overseas investors and others are looking to invest in British banks.

Given the massive commitment that the British taxpayer made to rescuing these banks when things went wrong back at the time of the financial crisis, I think that it is a welcome sign that we are starting the process, and of course it will be a long process, of getting the taxpayers' money back.

– Treasury Chief Secretary, Danny Alexander

Read: Lloyds Banking Group share price falls in early trading

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Govt sells 6% Lloyds stake

The Government has sold a 6 per cent stake in Lloyds Banking Group for £3.21 billion at a share price of 75p.