UK government cuts stake in Lloyds to just under 13%

24th Aug 2015 09:17

(ShareCast News) - The UK government has cut its stake in Lloyds Banking Group to just under 13%, taking the bank another step closer to full privatisation.UK Financial Investments, which is fully-owned by the Treasury, reduced its stake in the bank by a further 1% to 12.97%. This takes the total raised for the taxpayer to £14.5bn.Chancellor George Osborne said: "I am determined to build on this success, and to continue to return Lloyds to the private sector and reduce our national debt."Lloyds received £20.5bn from the UK taxpayer during the financial crisis and was 41% owned by the state, which started selling its shares in 2013.