Lloyds bank sale postponed until markets 'calm down'

The sale of the government's final stake in Lloyds Banking Group has been postponed.

George Osborne blamed the current turbulence in global financial markets for the delay.

"We will sell Lloyds shares to the public but only when it is right to do so," the chancellor told ITV News Business Editor Joel Hills.

The government bought shares for 74p when it used taxpayers' money to bail out the bank at the height of the financial crisis.

David Cameron pledged during the general election to sell the final part of the government's stake, which was expected to raise £2 billion.

But since October, the share price has dropped from 78p to 64p.