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Government sells 6% stake in Lloyds Banking Group


The government has sold a 6% stake in the Lloyds banking group, raising £3.2 billion, in what George Osbourne, Chancellor of the Exchequer, acclaimed to be an “important step” in plans “to get their money back and fix the economy.”

During the banking crisis, the government bailed out the Lloyds banking group, purchasing 38.7% of the group at an average of 73.6p per share. However, reports suggest that the average share price in the latest sale was around 75p per share, representing a £61 million cash profit for the treasury.

Lloyds banking group recently reported a return to profit, making £2.1 billion in the six months to June, compared with a loss of £456 million compared to the same period last year. Furthermore, despite the sale, the government still owns 32.7% of the banking group, suggesting that further sales of shares are imminent.

However, the shares were only offered to institutional investors rather than the public, and it remains to be seen if future sales will be offered to the general public.

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