Govt accelerates Lloyds share sale after latest rally

The Treasury has further sold down its stake in Lloyds Banking Group, and has committed to a retail share sale within the next 12 months as the bank's share price continues to recover.

The government said this morning that its stake in the lender now stands below 19%, following the disposal of another 1% position worth £500m. It added that a retail share sale, promised by prime minister David Cameron in the run-up to the general election, will open to investors “in the next 12 months”. Cameron said last month that a £4bn sale would offer Lloyds shares to retail investors at a discount to market prices. The offer forms part of the government’s March 2015 Budget commitment to sell a further £9bn of its stake in the bank. Today’s announcement follows a fresh rally f...