More Lloyds shares to be sold by the government

Lloyds Bank sign

The government has announced that it is to sell more of its shares in Lloyds Banking Group.

At present, the government owns a 25% stake in the UK bank.

If the latest sale is fully taken up then the government will raise £3bn and be left with a 20% stake.

“I can confirm today that the government is taking the next step in returning Lloyds Banking Group to private ownership,” Chancellor George Osborne said.