Government sells off Lloyds

The process of returning Lloyds Bank to the private sector has begun.

The government has begun the process of returning Lloyds Banking Group to the private sector. It sold 6% of its 39% stake in the bank to institutional investors this week, raising £3.2bn. It sold the shares at 75p, thus making a small profit for the taxpayer. The previous government bought its stake at 73.6p. Retail investors will be invited to buy shares when the next tranches are sold.

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