UK government cuts stake in Lloyds to just under 12%

25th Sep 2015 07:52

(ShareCast News) - The UK government had cut its stake in Lloyds Banking Group to 11.98% from 12.97% in August.The government, which provided Lloyds with a £20.5bn rescue package in 2008 giving it a 43% stake, is in the process of returning the bank to private ownership.In August, Chancellor George Osborne announced that he hoped to sell the government's stake within 12 months, raising concerns that he's rushing to privatise the company at the expense of the taxpayer.