UK sells €5bn of bank shares

The UK government has sold £4.2bn (€5bn) worth of shares in Lloyds Banking Group to cut its stake in the country’s largest retail bank to under 25% and putting it on course for a complete exit in the next year.

Finance minster George Osborne said yesterday’s sale represents good value for the taxpayer and the proceeds would be used to reduce Britain’s national debt.

“It is another step in repairing the banks, in reducing our national debt and in getting the taxpayers’ money back,” Osborne said.