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Lloyds stake sale raises £4.2bn | Lloyds stake sale raises £4.2bn |
(35 minutes later) | |
The government says it has raised £4.2bn through the sale of a 7.8% stake in Lloyds Banking Group. | The government says it has raised £4.2bn through the sale of a 7.8% stake in Lloyds Banking Group. |
UK Financial Investments, the body that manages the UK's stakes in Lloyds and Royal Bank of Scotland, sold 5.6 billion shares at 75.5p each. | UK Financial Investments, the body that manages the UK's stakes in Lloyds and Royal Bank of Scotland, sold 5.6 billion shares at 75.5p each. |
The sale cuts the government's holding in the bank to 24.9%, down from 39% in September when it began to sell shares. | The sale cuts the government's holding in the bank to 24.9%, down from 39% in September when it began to sell shares. |
The chancellor said the sale was "good value" for the taxpayer, and the money would be used to cut the national debt. | The chancellor said the sale was "good value" for the taxpayer, and the money would be used to cut the national debt. |
"It is another step in repairing the banks, in reducing our national debt and in getting the taxpayer's money back," George Osborne said. | |
The sale price of 75.5p a share is above the average 73.6p a share the government paid to rescue the bank in the autumn of 2008. | |
But it is only 0.5p a share more than the price achieved in September last year when a 6% stake was sold, raising £3.2bn for the Treasury. | |
Last month, Lloyds reported profits of £415m for 2013 against losses of £606m the year before - its first bottom-line profit since 2010. | |
The government originally spent about £66bn in bailing out Lloyds and RBS in the 2008 financial crisis. | The government originally spent about £66bn in bailing out Lloyds and RBS in the 2008 financial crisis. |
UKFI is expected to try to sell off all the remaining shares it holds in Lloyds before the general election in 2015. | UKFI is expected to try to sell off all the remaining shares it holds in Lloyds before the general election in 2015. |