A Treasury spokesperson said:
UK Financial Investments (UKFI) today advised the Chancellor it would be appropriate to sell another part of the government’s shareholding in Lloyds Banking Group. The government agrees with that advice and has authorised the process to begin.
The government set out its objectives for its shareholdings in the banks in the Chancellor’s annual Mansion House address last June – getting the best value for the taxpayer, maximising support for the economy and restoring private ownership – and as set out in that address, the government will only conclude a sale if these objectives are met.
Building a stronger banking system is a core part of the government’s long term economic plan to deliver greater economic security.
Please see the announcement made by United Kingdom Financial Investments Limited of today’s date, for important legal messages about the proposed sale.