Chancellor abandons plan to sell Lloyds Bank shares to the public due to 'market volatility'
THE Chancellor will offload the Government's remaining stake in Lloyd's Banking Group to institutional investors, ditching George Osborne's plans of a retail sale to the public.
Philip Hammond said the £3.6billion - or 9.1 per cent - stake would be sold through a trading plan after experts warned a retail sale was no longer an option due to "ongoing market volatility".
Previous trading plans had seen the Government automatically sell shares in Lloyds once its price rose above 73.6p - the price it paid to bail-out the bank in 2009.
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