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Government sells off another chunk of Lloyds Banking Group

The government has sold off another 1% stake in Lloyds Banking Group reducing its shareholding to below 13% as it moves towards returning the bank to full private ownership.

Previously the government’s stake was just under 14% after a 1% sell off at the start of August.

The Treasury has raised a total of £14.5bn by reducing its stake in Lloyds from its peak of 43% after bailing it out for £20.5bn during the financial crisis.

A trading plan to sell off the government’s stake in Lloyds Banking Group was announced in December by UK Financial Investments, the unit of the Treasury which manages the government’s shares in bailed-out banks Lloyds and Royal Bank of Scotland (RBS). Since the launch of the plan the government’s stake has been reduced from almost 25% to 12.97% to date.

The government began selling shares in RBS on 4 August offloading a 5.4% stake in the bank at 330p per share raising £2.1bn.

But Osborne’s actions came under fire for selling the shares below the 500p price the government originally paid for them making a loss of £1.07bn on the shares sold.

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