Chancellor unveils plans to sell remaining stake in Lloyds Banking Group
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 Government's 9.1% stake sold through a trading plan to institutional investors.
The move would ensure the Government recoups the entire £20.3 billion used to bail out the bank during the 2008 financial crisis, Mr Hammond said.
Shares in Lloyds, which have plunged 23% since Britain voted to leave the European Union, were down more than 3% after the announcement.
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