Government in £2bn Lloyds sell-off
HM Treasury said it is planning to sell off the government’s remaining 12% stake in the bank in the coming months.
Members of the public will be offered a 5% discount on each share, while those who hold their shares for 12 months will get one bonus share for every 10 they already own.
The government said the money will be used to pay down the national debt, although due to the discount being offered taxpayers may make a loss from the selloff.
Speaking at the Conservative Party conference, Chancellor George Osborne said: “It is the biggest privatisation for 20 years.”