You are here: Home - Investing - Experienced Investor - News -

UK taxpayer no longer largest shareholder in Lloyds Bank

0
Written by:
09/01/2017
The government has recovered over £18bn of the £20.3bn taxpayers injected into Lloyds Banking Group during the financial crisis and is no longer the largest shareholder in the bank.

The Treasury said the move marked a “significant milestone” in returning Lloyds back to the private sector.

The latest share sales, conducted through the trading plan, have reduced the government’s remaining shareholding to less than 6%.

The Chancellor of the Exchequer, Philip Hammond said: “Returning Lloyds to the private sector and recovering all of the cash the taxpayer injected into the bank during the financial crisis is a priority for the government.

“Confirmation that we are no longer the largest shareholder in the bank and that we’ve now recouped over £18bn for UK taxpayers is further evidence that we are on track to recover all of the £20bn injected into the bank during the financial crisis.”

A trading plan involves gradually selling shares in the market over time, in an orderly and measured way.

The Lloyds trading plan initially ran from 17 December 2014 to 30 June 2016. The government announced on 7 October 2016 that further sales of Lloyds shares would also be made through a trading plan.

However, the Treasury withdrew the planned retail sale of its final 9.1% stake in Lloyds, blaming ongoing market volatility.

Nicholas Hyett, equity analyst at Hargreaves Lansdown, said: “Retail investors had the disappointment of being denied involvement in a Lloyds share sale, although there is still time and plenty of opportunity to rectify this with the remaining c. £2 billion stake.

“Today’s announcement confirms that more shares have been sold to the institutions through the trading plan and the taxpayer is no longer the largest shareholder in Lloyds.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
worried family
Average UK household owes nearly £13,000

Household debt rose sharply in 2016, with the average household owing £12,887, excluding mortgage payments, according to research by the TUC.

Close