Lloyds Bank shares worth £2bn on sale to public, says George Osbourne

Lloyds Bank shares worth £2bn on sale to public, says George Osbourne

Shares in British taxpayer-backed Lloyds Banking Group will be made available to retail investors today, British Chancellor George Osborne has announced.

Some £2 billion worth of shares will be up for grabs and will be sold at a 5% discount to the market price.

In a bid to avoid wealthier investors snapping up the lot, anyone applying for less than £1,000 worth will be prioritised.

The British Government pumped more than £20 billion into Lloyds in a bid to prop the bank up in the midst of the financial collapse.

It has been gradually selling shares off to institutional investors, but this marks the first chance for the general public to get involved.

Speaking on ITV1’s Good Morning, Mr Osborne said of the sale: “We are selling Lloyds shares to members of the public, people watching this programme, small investors, people who are going to have a chance to get something back having put all that money in under the last Labour government.”

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