The government has sold a further one per cent of its stake in Lloyds Banking Group, taking its total holding to less than 13 per cent.
It has now realised £14.5bn from the share sale, which began in December last year and will end no later than 31 December. All sales are used to reduce the national debt.
The banking group received £20.5bn from taxpayers during the financial crisis, and at one point 41 per cent of the business was owned by the state. The government started selling Lloyds shares in 2013.
Chancellor of the Exchequer George Osborne said: “It’s fantastic news that we’ve sold more shares in Lloyds Bank, taking the total recovered to £14.5bn
“I am determined to build on this success, and to continue to return Lloyds to the private sector and reduce our national debt.”
Osborne is also reducing the state's stake in RBS. It sold £2bn-worth of shares at the start of the month.