Government cuts stake in Lloyds to less than 3%

With shares in Lloyds Banking Group recently hitting a six-month high, the government has reduced its stake in the bank to below 3% overnight.

UK Financial Investments Limited, the vehicle set up to control taxpayers’ stakes in the banks that were bailed out during the financial crisis, sold 671.37m Lloyds shares, leaving it with a stake of 2.95%.

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