Lloyds share sales reach £14bn as RBS sale begins
The government has sold a further 1% shareholding in Lloyds Banking Group through the trading plan launched in December, taking the total raised for the taxpayer to almost £14 billion and reducing the government's shareholding to below 14%.
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The announcement follows speculation that the Treasury could begin selling part of the government's stake in Royal Bank of Scotland from as early as today, according to the BBC.
George Osborne first announced the plan in his annual Mansion House speech in June.
Osborne said he had received independent advice from the Governor of the Bank of England that it is now "in the interest of taxpayers" to start the sale, but he has been criticised for selling the bank at an estimated £7 billion loss.
Osborne indicated that sales will take some years and involve all types of investors, but will begin with large institutions before being offered to the public.
George Osborne said:
"It’s fantastic news that we’ve sold more shares in Lloyds Bank, taking the total recovered to almost £14 billion.
"I am determined to build on this success, and to continue to return Lloyds to the private sector and reduce our national debt."
The Lloyds trading plan was launched on 17 December 2014 and will end no later than 31 December 2015.
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