Government to make profit of at least £500m from Lloyds bailout, bank says

 
William Turvill
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Government Announce Lloyds Bank Share Sale Raising £3.2 Billion
The government spent an estimated £20.3bn bailing out the bank (Source: Getty)

The government will make a profit of at least £500m from its Lloyds Banking Group bailout, the bank said today.

The government’s stake in Lloyds is down to 0.25 per cent and the bank told investors at its AGM that this would be reduced to zero within “days”.

Read more: Deal or no deal? Noel Edmonds demands HBOS payout from Lloyds

The taxpayer spent an estimated £20.3bn rescuing the group during the financial crisis, taking a 43 per cent stake.

Chancellor Philip Hammond revealed last month that the government had made the £20.3bn back, describing the date as a “significant milestone”.

The government began selling down its stake in 2013 and the total shareholding has been steadily chipped down in recent months.

Read more: Lloyds and former execs set for October court date with 6,000 shareholders

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