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| Lloyds: Government to sell £2bn stake to public | |
| (35 minutes later) | |
| Plans to sell shares worth at least £2bn in Lloyds to private investors have been announced by the government. | |
| The Treasury said that the government would sell its remaining 13% stake in the bank in the coming months. | 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. | 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. | 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. | 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 value of the bonus share incentive will be capped at £200 per investor. |
| Spring sale | |
| The share sale will be launched in spring next year, with applications available online and by post. | The share sale will be launched in spring next year, with applications available online and by post. |
| The move echoes government privatisations in the 1980s, when the Conservative government sold shares worth £3.9bn in British Telecom and a £5.6bn stake in British Gas. | |
| 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 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. | 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. | Proceeds from selling the shares will be used to reduce government debt. |
| Shares in Lloyds Banking Group rose 1.6% to 77.8p in early trading in London on Monday, valuing it at £54.6bn. |