The UK government has sold off a further 1% chunk in taxpayer-backed Lloyds, reducing its overall stake to less than 10%, meaning that the government has now raised £16bn from the sale; all proceeds are used to reduce the national debt. In an attempt to reassure investors, Lloyds said it would continue to pay dividends and invest more aggressively on behalf of customers.
The UK government has sold off a further 1% chunk in taxpayer-backed Lloyds, reducing its overall stake to less than 10%, meaning that the government has now raised £16bn from the sale; all proceeds are used to reduce the national debt. This move comes just months before a final sell-off aimed at returning the bank to full private ownership.