Osborne: Lloyds sell-off done in a year
It was announced today that the government’s stake in Lloyds has now dropped below 13% from its peak of 43%.
Osborne said: “My view is that we want the government out of the banking system in the UK.
“I hope that [Lloyds] will be complete within the year.”
Currently £14.5bn of Lloyds shares have been returned to the taxpayer after £20.5bn was used to bail out the bank in 2008.
A Lloyds spokesman said: “Today’s announcement shows the further progress made in returning Lloyds Banking Group to full private ownership and enabling the taxpayer to get their money back.
“This reflects the hard work undertaken over the last four years to transform the group into a simple, low-risk and customer-focused bank that is committed to helping Britain prosper.”