UK government cuts Lloyds stake to just under 8%

The UK government has cut its stake in Lloyds Banking Group to just under 8%.

Back in October, the government had cut its stake to just under 9%, or 6.42bn shares from 7.1bn previously.

The government began selling its shares in Lloyds – which was bailed out by taxpayers during the financial crisis – back in 2013.

In October, UK Financial Investments Limited, which manages the government's stake in the bank, said it would resume selling shares as it looks to return Lloyds to private ownership in the next 12 months.