(26 August 2015 – Britain) Lloyds share sales have now raised £14.5 billion for the taxpayer according to a release from Chancellor George Osborne.
The government has sold a further 1 percent shareholding in Lloyds Banking Group through the trading plan launched in December.
This takes the total raised for the taxpayer to £14.5 billion and reduces the government’s shareholding to below 13 percent.
All sales are used to reduce the national debt.
Osborne said; “I am determined to build on this success, and to continue to return Lloyds to the private sector and reduce our national debt.
“A trading plan involves gradually selling shares in the market over time, in an orderly and measured way.”
The trading plan was launched on 17 December 2014 and will end no later than 31 December 2015.
As required by Financial Conduct Authority (FCA) rules, Lloyds Banking Group announced that the government’s shareholding in the bank has crossed through a one percentage point threshold.
The announcement on 24 August notified the market that the government has reduced its shareholding in Lloyds to below 13 percent.