DHC Accounting

Unit 7, Lillyhall Business Centre
Jubilee Road, Workington
Cumbria, CA14 4HA
Tel: 01900 64464 - Fax: 01900 64466

Search News


Government recovers Lloyds investment

Source: HM Treasury | | 26/04/2017

The government has announced that all of the £20.3 billion invested in Lloyds during the financial crisis has now been recovered. The sale of the latest tranche of shares in the Lloyds Banking Group brings the amount recovered through sales and dividends to £20.4 billion. The government’s remaining stake has now fallen to less than 2% which is expected to be sold off in the coming months subject to satisfactory market conditions.

The Chancellor, Philip Hammond said:

'Recovering all of the money taxpayers injected into Lloyds marks a significant milestone in our plan to build an economy that works for everyone.

While it was right to step in with support during the financial crisis, the government should not be in the business of owning banks in the long term. The right place for them is in the private sector and I’m pleased to be able to say we are approaching the point at which we will sell our final shares in Lloyds Bank.'

The sales process started in 2013 with the sale of large blocks of shares to institutional investors. Plans for a retail sale were launched but never came to fruition and the sales are continuing via a trading plan. All proceeds from the sales are used to reduce the national debt.



 

Latest News

Employer deadline for providing P60s
17/05/2017 - More...
The deadline for employers to provide employees with a copy of their P60 form is 31 May 2017. A P60 must be given to all

G7 Finance Ministers meeting
17/05/2017 - More...
The G7 is a forum of seven of the largest economies in the world. Italy currently presides over the group which

Advance Assurance for R&D
17/05/2017 - More...
Advance Assurance for Research and Development (R&D) tax relief claims is available to small companies making their

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login

 

 

Copyright © 2013 - DHC Accounting

Cookie Policy