Lloyds Banking Group shares offer to the public withdrawn
Chancellor Philip Hammond said it was “not the right time for a retail offer”, as the Treasury announced the sale of its 9.1 per cent holding would restart shortly, having been delayed due to uncertainty around the referendum vote.
His predecessor George Osborne had flagged the proposed offer of £2billion worth of shares to smaller investors as “the biggest privatisation for 20 years”.
Hammond said the retail sale was withdrawn due to “market volatility”.
The Government’s remaining 6.5 billion shares will be drip-fed into the market over the next year through a pre-arranged Morgan... read more