The government has reduced its stake in Lloyds Banking Group from 38.7% to 32.7%.
Selling shares at 75p to institutional investors, the government have been able to raise £3.2 billion – a net profit of £61 million for the treasury. When bailing the bank out in 2008, the government purchased the shares at 73.6p. Shares in the bank have almost doubled in the last year.
George Osborne has said in the past that the government would break even at 61p a share. He tweeted that this sale was an ‘important step’ in plans for tax payers to ‘get their money back and repair [the] economy’.
No more Lloyds shares will be sold for 90 days. Read more about Lloyds in the news.