Industry petitions for government rethink of Lloyds sale

Hargreaves Lansdown says that 374,000 people registered their interest in the Lloyds Banking Group share through its firm alone.

On its petition page, Hargreaves Lansdown urges the government to reconsider its decision, saying that "rather than engage with working taxpayers willing to invest in our economy, it has snubbed them in favour of city institutions".

At 10,000 signatures the government will respond, and at 100,000 signatures the petition will be considered for debate in Parliament.

Ian Gorham, Chief Executive Officer of Hargreaves Lansdown, commented: “We're disappointed the government plan to exclude the general public when selling its stake in Lloyds Banking Group. Rather than engage with working taxpayers willing to invest in our economy, the government has favoured city institutions.

"The government should be encouraging people to invest and a public share sale of Lloyds banking Group would be a great way to do this. Lloyds is one of the UK's largest and most important companies, with the potential to reward shareholders over the long term. This is why Hargreaves Lansdown has written to the prime minister and set up a petition urging the government to reconsider its decision.”