Further to the statement provided to the House on 18 December, the Chancellor announced yesterday that the trading plan to sell part of the Government’s shares in Lloyds Banking Group will be extended and will now end no later than 31 December 2015.
Under the plan, a broker has been appointed to gradually sell shares in the market over a period of time, in an orderly and measured way and in accordance with pre-agreed parameters.
The extension of the plan is a further step in returning Lloyds to the private sector and getting taxpayers’ money back. A statement will be laid before Parliament with further details at the end of the plan.
As part of its plan to return Lloyds to the private sector, the Government plan to launch a share sale which will be open to retail investors in the next 12 months. Further details will be set out in due course.