Lloyds share sell-off reaches £14.5bn

The Treasury has disposed of another £500m of its Lloyds Banking Group holding, increasing the total raised to £14.5bn.

Earlier this month the Government confirmed that it had sold £14bn of shares, and it has now disposed of a further 1 per cent holding.

The £500m of shares sold means the Government now holds less than 13 per cent of the bank’s total stock.

All sales are used to reduce the national debt.

Chancellor George Osborne says: “It’s fantastic news that we’ve sold more shares in Lloyds Bank, taking the total recovered to £14.5bn.

“I am determined to build on this success, and to continue to return Lloyds to the private sector and reduce our national debt.”

The Government’s trading plan is expected to run to 31 December.

However, reports have warned the Chancellor may have to slow disposals if he is to proceed with a proposed retail offering.