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| Version 3 | Version 4 |
|---|---|
| Lloyds stake sale raises £4.2bn | Lloyds stake sale raises £4.2bn |
| (about 9 hours later) | |
| The government has sold a second block of its shares in Lloyds Banking Group overnight raising £4.2bn. | The government has sold a second block of its shares in Lloyds Banking Group overnight raising £4.2bn. |
| Lloyds shares fell almost 5% on Wednesday, falling to below 75.5p, the price at which the 7.8% block was sold. | |
| The sale cuts the government's holding in the bank to 24.9%, down from an original 39% . | The sale cuts the government's holding in the bank to 24.9%, down from an original 39% . |
| The price remains above the average 73.6p a share the government paid to rescue the bank in the autumn of 2008. | The price remains above the average 73.6p a share the government paid to rescue the bank in the autumn of 2008. |
| The sale price is only 0.5p a share more than the price achieved in September when it sold a 6% stake raising £3.2bn. | The sale price is only 0.5p a share more than the price achieved in September when it sold a 6% stake raising £3.2bn. |
| Profits | Profits |
| 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. | "It is another step in repairing the banks, in reducing our national debt and in getting the taxpayer's money back," George Osborne said. |
| Last month, Lloyds reported profits of £415m for 2013 against losses of £606m the year before - its first bottom-line profit since 2010. | 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. |