Chancellor outlines plan to sell Lloyds stake
The Chancellor is to reboot plans to sell the government’s remaining £3.6 billion stake in Lloyds Banking Group, but has abandoned a retail sale.
Philip Hammond said heightened volatility in financial markets would see the taxpayer’s 9.1 per cent stake sold through a trading plan to institutional investors.
The move would ensure the government recoups the entire £20.3bn used to bail out the bank during the 2008 financial crisis, Hammond said.
Shares in Lloyds, which have plunged 23 per cent since Britain voted to leave the European Union, were down about 3 per cent in the immediate wake of... read more
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