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Lloyds: £20bn taxpayer bailout repaid
Lloyds: £20bn taxpayer bailout repaid
This is a duplicate of the Blog Entry made on: 27th April 2017 08:08
This is a duplicate of the Blog Entry made on: 27th April 2017 08:08
The £20.3bn spent bailing out Lloyds Banking Group during the financial crash has been re-paid, UK chancellor Philip Hammond has said.
Nine years after the government bought 43.4% of Lloyds, a total of £20.4bn had been recouped - although that figure does not account for inflation. The government began selling off its stake in 2013, and now holds just 2%. Earlier this week, Mr Hammond hinted that the 72% stake in Royal Bank of Scotland may be sold at a loss. The vast bulk of the money returned to taxpayers has come from selling tranches of Lloyds shares, which began in September 2013 with the offloading of a £3.2bn stake.
Nine years after the government bought 43.4% of Lloyds, a total of £20.4bn had been recouped - although that figure does not account for inflation. The government began selling off its stake in 2013, and now holds just 2%. Earlier this week, Mr Hammond hinted that the 72% stake in Royal Bank of Scotland may be sold at a loss. The vast bulk of the money returned to taxpayers has come from selling tranches of Lloyds shares, which began in September 2013 with the offloading of a £3.2bn stake.