Skip to content
City PM
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Opinion
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Opinion
Tuesday 22 November 2016 8:17 am

The government has sold off more Lloyds shares

By: Lynsey Barber

Add as a preferred source on Google

The government has sold off more of its shares in Lloyds Bank bringing taxpayers' holding in the company below eight per cent.

A  further plan to sell shares to institutional investors was announced by the chancellor Phillip Hammond in October, ditching plans to offload them to retail investors.

"Selling our shares in Lloyds Banking Group and making sure that we get back all the cash taxpayers injected into it during the financial crisis is one of my top priorities as chancellor. So I am pleased that we have continued to reduce our stake in Lloyds, and have now recovered over £17 bn for the taxpayer," said chancellor Phillip Hammond.

The government spent £20.3bn bailing out the bank in 2008 a the height of the financial crisis. The latest ditching reduces its stake by more than one percentage point.

Hammond's decision not to offer the general public a chance to snap up shares in the bank, blaming market volatility, caused outrage and disappointment among many. 

Lloyds shares were up more than one per cent in early trading to 59.8 pence per share.

[charts-share-price id="692"]

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • Banking
  • Business
  • Politics

Trending Articles

  • Burnham tax plans spark investor rush to bank capital gains

  • Nothing fails to file accounts months after dissolution threat

  • I’ve taken the best train trips in the world. Here are my 5 favourites

  • Cruyff turn: Starmer allows pubs to stay open for England World Cup game

  • PwC joins the Canary Wharf crowd in major property shake-up

More from City PM

  • Halifax ends 173-year high street run as Lloyds ditches branding

    Banking
    Halifax branch exterior showcasing modern architecture and signage, highlighting financial services in a bustling city area
  • Lloyds Bank and Halifax customers hit with app outage

    Banking
    Lloyds is plotting to beef up its wealth offering.
  • Lloyds accused of debanking left-wing media outlet The Canary

    Banking
    Lloyds headquarters exterior against a clear sky, showcasing iconic modern architecture in a bustling business district
  • Lloyds taps $160bn fintech giant to boost small business tech

    Banking
    Lloyds headquarters exterior against a clear sky, showcasing iconic modern architecture in a bustling business district
  • Burnham tax plans spark investor rush to bank capital gains

    Tax
    Andy Burnham discussing capital gains tax increase during a press conference, highlighting potential economic impacts
  • Investors ‘reluctant’ to splash cash on UK banks amid crisis in Number 10

    Banking
    Andy Burnham addressing audience as Mayor of Greater Manchester in formal setting, wearing a suit and tie.
  • Badenoch sets sights on battle with the Bank

    Banking
    Breaking news scene featuring a diverse group of professionals discussing important developments in a modern office setting
  • ‘Why single out banks?’: Santander chief hits out at UK tax regime

    Banking
    Ana Botín, CEO of Santander, speaking at a business conference, addressing financial strategies and global market trends.

City PM — European politics, business and analysis.

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Topics

  • Business
  • Markets
  • AI
  • Technology
  • Opinion
  • Energy

More

  • Politics
  • Economics
  • Fintech
  • Legal
  • Sport
  • Life

Company

  • About City PM
  • Editorial Policy
  • Corrections
  • Contact
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2026 City PM · Published by CityPM Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
About · Editorial Policy · Corrections · Contact · Privacy