Government cuts stake in Lloyds to 8.99 per cent

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It refer ti the tax yer’s stake in the bank now stands at 8.99 per cent, with assorted than £17billion being returned to Government coffers since the lender’s bailout.

Philip Hammond suggested: «Selling our shares in Lloyds and making sure that we get back all the currency tax yers injected into it during the financial crisis is one of my top priorities as Chancellor.»

The Sway has progressively sold down its original 43 per cent stake in Lloyds and earlier this month ditched projects for a share sale to the public, opting instead to offload the holding to institutional investors.

On Wednesday Lloyds said it had set aside another £1 billion to encounter compensation claims for the mis-selling of yment protection insurance as it attempts to withdraw a line under the scandal.

A Lloyds spokesman said: «Today’s bulletin shows the further progress made in returning Lloyds Banking Platoon to full private ownership and enabling the tax yer to get their money move backwards withdraw from.

«This reflects the hard work undertaken over the last five years to change the group into a simple, low-risk and customer-focused bank that is sentenced to helping Britain prosper.»

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