The UK government has cut its stake in Lloyds to 6.93% recovering a total of £17.5bn of the £20.3bn amount given to the bank to bail it out with taxpayer money. At its peak, the government’s stake in the bank was 43%. The Treasury has been selling the stake in stages from 9.2%, with the aim of selling all the shares within 61p and putting the resulting funds towards the reduction of national debt. The shares are being sold at lower than the 73.6p average that was paid during the financial crisis, with the current shares trading at slightly above a year.
The UK government has cut its stake in Lloyds to 6.93% recovering a total of £17.5bn of the £20.3bn amount given to the bank to bail it out with taxpayer money. At its peak, the government’s stake in the bank was 43%. The Treasury has been selling the stake in stages from 9.2%, with the aim of selling all the shares within a year and putting the resulting funds towards the reduction of national debt. The shares are being sold at lower than the 73.6p average that was paid during the financial crisis, with the current shares trading at slightly above 61p.