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Government nets £4.2bn from sale of 7.5% Lloyds stake

Government nets £4.2bn from sale of 7.5% Lloyds stake

The government is selling another 7.5% stake in Lloyds Banking Group.

The disposal leaves the government with a 25% stake in the bank.

Around 5.4 billion shares are being sold at price of 79.1p, netting the taxpayer £4.2 billion. The shares were bought at 73.6p at the height of the credit crunch in 2008, giving the government a profit of around £200 million on the disposal.

Last September a 6% stake was sold for a profit of £61 million.

In a statement, the Treasury said it would continue to aim to get the best value for taxpayers.

‘The government set out its objectives for its shareholdings in the banks in the chancellor’s annual Mansion House address last June – getting the best value for the taxpayer, maximising support for the economy and restoring private ownership – and as set out in that address, the government will only conclude a sale if these objectives are met,' the statement said.

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