Lloyds share sale delayed as George Osborne cites market turbulence

 
Lynsey Barber
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Chancellor Of The Exchequer Speaks To Lloyds Staff
Osborne said the time was not right for a sale (Source: Getty)

The "Tell Sid"-style sale of Lloyds shares has been delayed as global markets face a continued hammering from falling oil prices and fears of an economic slowdown in China.

Chancellor George Osborne said now was not the right time to sell the remaining shares the Treasury holds in the bank to retail investors as planned.

The sell-off had been expected this spring. Now that's been put on hold due to "market turbulence". The final share sale is expected to raise around £2bn for the Treasury.

The bank was part-privatised during the financial crisis, with the government paying on average 73.6p per share. Previous share sales as the government reduced its stake brought in 81p per share, putting £9bn into the public purse.

Lloyds shares are currently trading at just under 64p per share, down more than a quarter from a peak of 89p at its peak last May.

28 January 2016 @ 1:30pmLloyds Banking Group (LLOY)

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