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| Lloyds: Treasury to sell £2bn stake to public | |
| (35 minutes later) | |
| The government has announced plans to sell shares worth £2bn in Lloyds to private investors at a discount. | |
| The Treasury said that the government would sell its remaining 13% stake in the bank in the coming months. | |
| As part of this, a sale aimed at private investors will be launched next spring. | |
| Members of the public will be offered a 5% discount to Lloyds' market price and small investors seeking shares worth less than £1,000 will get priority. | |
| Those who keep their shares for at least 12 months will get one bonus share for every 10 they own. | |
| The value of the bonus share incentive will be capped at £200 per investor. | |
| The share sale will be launched in spring next year, with applications available online and by post. | |
| The government saved Lloyds from collapsing at the height of the financial crisis in 2008 with a £20.5bn bailout, leaving it with a 43% stake. | |
| The Treasury has recouped almost three-quarters of public funds used to rescue the bank by selling shares to institutional investors. | |
| Proceeds from selling the shares will be used to reduce government debt. |