UK government trims Lloyds stake to just under 11%

The UK government has cut its stake in Lloyds Banking Group by a further 1% to just under 11%.

Earlier this week, it emerged that the finance ministry will sell at least £2bn worth of Lloyds shares to private retail investors in the spring of next year as it looks to return the bank to private ownership.

The government provided Lloyds with a £20.5bn rescue package in 2008 which gave it a 43% stake.

In August, Chancellor George Osborne announced that he hoped to sell the government’s stake within 12 months, prompting concerns that he’s rushing to privatise the company at the taxpayer’s expense.