The UK government has sold off a further 1 % chunk in taxpayer - backed bonds , reducing its overall stake to less than 1 % , meaning that the government has now raised £ 16bn from the debt ; all proceeds are used to reduce the national debt . This move comes just months before a final sell - off aimed at restoring the company to full private ownership .
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.