Government reveals fresh plans to sell down Lloyds stake

The UK government is to sell another tranche of shares in Lloyds Banking Group as it moves to return the bank to private ownership.

UK Financial Investments (UKFI), the unit of the Treasury which manages the government's stakes in bailed-out banks Lloyds and RBS, said today it will sell off a further part of its near-25% shareholding in Lloyds through a trading plan. Shares will not be sold below the 73.6p average price the previous government paid for them, and no more than 15% of the aggregate total trading volume in the company will be sold over the duration of the plan. The number of shares sold under the trading plan will depend on market conditions, the Treasury said. A trading plan involves gradually se...