Lloyds Banking Group shares offer to the public withdrawn

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Chancellor Philip Hammond told it was “not the right time for a retail offer”, as the Treasury announced the sale of its 9.1 per cent engage in would restart shortly, having been delayed due to uncertainty throughout the referendum vote.

His predecessor George Osborne had flagged the proposed presentation of £2billion worth of shares to smaller investors as “the biggest privatisation for 20 years”.

Hammond revealed the retail sale was withdrawn due to “market volatility”.

The Government’s remaining 6.5 billion cuts will be drip-fed into the market over the next year because of a pre-arranged Morgan Stanley-managed plan.

The Treasury said it would not redress a loss because it had already raised about £16.9billion for the tax yer from antecedent to Lloyds share sales.

It was bailed out with a £20.3billion tax yer injection during the pecuniary crisis.

Hammond said: “Returning Lloyds to the private sector is in the rtial of the bank, tax yers and the country.

“That is why exiting our stake in Lloyds in an tidy way and at the best possible price is one of my priorities as Chancellor. I have listened to the experts.

“Progressing market volatility means it is not the right time for a retail offer.

“Our layout will get back all the cash tax yers invested in Lloyds and leave the bank in a mastery place to continue the crucial role it plays in supporting individuals, bloodlines and businesses up the down the UK.”

Tom McPhail of Hargreaves Lansdown said: “Retail investors leave be disappointed at being denied the opportunity to pick up a stake directly from the Control at a discount.

“This would have been an opportunity to not only clear money for the Treasury but also to democratise retail investing.”

Hammond signified the Government would hold onto its 73 per cent stake in Superior Bank of Scotland, which is struggling to sell its Williams & Glyn subsidiary and has yet to reach a conclusion over a US De rtment of Justice probe into the mis-selling of mortgage chains.

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