Chancellor unveils plans to sell remaining stake in Lloyds Banking Group
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.
Speaking in Washington during his first trip to the US as Chancellor, Mr Hammond said he had "listened to the experts" and ongoing market... read more
- 09:51 Bitter row dubbed Trousergate breaks out over Theresa May’s trousers
- 09:50 Liverpool legend Dietmar Hamann claims current side isn’t good...
- 09:48 Great places in Derby city centre to stop for coffee or cake while...
- 09:46 Chelsea star Willian: I am delighted Antonio Conte said this about me
- 09:45 West Bridgford residents worried after spate of burglaries
- 09:44 Site manager scoops accolade
- 09:43 Man rescued from bungalow fire in Kirby Muxloe
- 09:43 Catholic church in Manila issues prayer against expanded death penalty
- 09:43 Analysis - After Aleppo, Syria's Assad still far from regaining his...
- 09:43 Five killed in explosion near cathedral in Cairo
- 09:39 An Inspector Calls: Everything is pristine at Hurley House Hotel in...
- 09:39 Go shopping in New York... but pop into Iceland first thanks to...
- 09:39 The peak of luxury: A flying hot-tub, built-in sushi bars and bling...
- 09:37 Children antlers for fundraising reindeer runs
- 09:37 Church-run scheme in Barrow offers to help families struggling with...
- 09:36 Delving into family history
- 09:36 Coldstream art gallery moving to new premises
- 09:29 Max Holloway calls out Jose Aldo after claiming interim UFC...
- 09:29 Manchester United in talks with Premier League rival over January...
- 09:28 AA Gill: Final article describes cancer fight
- 09:27 Nottingham Forest LIVE: Derby County vs Reds live at the iPro Stadium
- 09:27 Crash closes main Nottinghamshire road
- 09:26 Welsh Government property deals net nearly £7m profit since 2007
- 09:25 Beliebers dance with Justin
- 09:24 Man charged following sexual assaults in Burnley
- 09:23 Uber driver clocks up longest ride in history and it only cost £233.88
- 09:21 Ofgem under fire over deal struck with Co-op Energy
- 09:20 BREAKING: Bomb explodes in Egypt by Cairo's Coptic Cathedral, at...
- 09:19 £450k M55 warning sign project completed
- 09:19 The mystique of Mustique: Yes it's gorgeous and glamourous but you...