Treasury Makes Another £500m From Lloyds Shares

The taxpayer's stake in Lloyds Banking Group has been reduced further following a new share sale.

The Treasury said it had offloaded another 1% of its shareholding in the in state-rescued lender, raising another £500m.

The action mirrored last month's sale - part of a six-month plan announced by Chancellor George Osborne in December last year to raise funds for the public purse and accelerate Lloyds' return to private hands.

The latest move meant the Government's stake fell from 24% to just under 23% following its £20bn bailout in 2008, which landed a 39% holding for the public purse.

A series of share sales since has raised £8.5bn.

Mr Osborne said: "I am delighted that we've raised a further £500m for the taxpayer through the trading plan.

"These sales are part of our plan to return Lloyds to the private sector and get taxpayers' money back.

"The proceeds will be used to reduce the national debt."

The shares were sold above the average price that the previous Labour government had paid for them, which was 73.6 pence.

The bank confirmed last month a quadrupling of annual profits.

The Treasury was to net £130m from its stake as the bank's performance allowed it to pay a dividend again.

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