Taxpayers' share in Lloyds Bank down to 8%

22 November 2016

The government has recovered £17bn of the £20.3bn invested by the taxpayer into Lloyds Bank during the financial crisis, reducing the public shareholding of the bank to 8%

Section: Economy

The rules set by the Financial Conduct Authority require the bank to disclose whenever the government’s shareholding crosses through a one percentage point threshold.

All proceeds raised from the sale of shares in Lloyds Banking Group are to be used to pay off the national debt.

Philip Hammond, chancellor of the exchequer, said: “Selling our shares in Lloyds Banking Group and making sure that we get back all the cash taxpayers injected into it during the financial crisis is one of my top priorities as chancellor.

“So, I am pleased that we have continued to reduce our stake in Lloyds, and have now recovered over £17bn for the taxpayer.”

The government’s initial trading plan to sell shares had ran from 17^th December 2014 to 30th June 2016.

However, on 7^th October 2016 the government announced that further sales would be made.

Keywords: Financial Conduct Authority, Lloyds Bank, taxpayer, FCA, national debt, shareholder, trading plan, Lloyds Banking Group

Source: Bridging & Commercial — https://bridgingandcommercial.co.uk/taxpayers-share-in-lloyds-bank-down-to-8