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Osborne to sell Lloyds shares

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British Chancellor George Osborne

Chancellor George Osborne has said he hopes the sale of the UK government’s shares in Lloyds Banking Group will soon be completed…reports Asian Lite News

British Chancellor George Osborne
British Chancellor George Osborne

“My view is that we want the government out of the banking system in the UK,” media reported George Osborne as saying. “I hope that [Lloyds] will be complete within the year,” he added.

Mr Osborne made his remarks after the UK government reduced its stake in Lloyds Banking Group to below 13% earlier, reports BBC News

The government has been reducing its stake in the bank from 43%, at the height of the financial crisis in 2008-09, as it aims to privatise the remaining stake held by the UK taxpayer, adds BBC News.

Lloyds needed £20.5bn ($32.1bn) of taxpayers’ cash to avoid collapse at the peak of the global crisis.UK Financial Investments, which manages the government’s stakes in Lloyds and Royal Bank of Scotland (RBS), has now reduced its holding to 12.97%.

The government began selling off the 43% stake in September 2013. But Mr Osborne said the sale of shares in Royal Bank of Scotland would take longer.