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

Taxpayers’ stake in Lloyds down to 2%

0
Written by: Victoria Hartley
03/04/2017
The government has continued to sell shares in Lloyds Banking Group, reducing its remaining shareholding to less than 2%, after hitting the 3% mark just over two weeks ago.

The latest sales, conducted via the trading plan, mean the government has now recovered over £20bn of the £20.3bn taxpayers injected into Lloyds during the financial crisis, including share sales and dividends.

Economic secretary to the Treasury, Simon Kirby, said: “I welcome this further progress in returning Lloyds to the private sector” and added “we are very close to recovering all of the money taxpayers injected into the bank during the financial crisis.”

A trading plan involves gradually selling shares to institutional investors over time, in an ‘orderly and measured way’, according to the government.

The Lloyds trading plan initially ran from 17 December 2014 to 30 June 2016. Original plans to sell the remaining 9.1% share in the bank to retail investors on 7 October 2016 were dashed after the government blamed ongoing market volatility redirecting the share sale back to institutional investors.

All proceeds from the sales are used to reduce the national debt.

The Chancellor of the Exchequer, Philip Hammond said at the start of the year: “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.”

On 9 January this year, the group announced the taxpayer was no longer the bank’s largest shareholder as it had recouped £18bn.

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

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

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.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

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...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2287051-bills-couple
Poorest households to be £70 worse off after this week’s tax and benefit changes

Poorest households will be hit hardest by tax and benefit changes coming into effect this week, while the richest families...

Close