Osborne rules out public Lloyds sale

British chancellor George Osborne has ruled out a public offering of the UK government’s remaining shares in Lloyds Banking Group ahead of the general election next year.

The Treasury, which still owns 25% of the bank, is thought to have scrapped a public sale before May due to stock market volatility, geopolitical uncertainty, and the time it would take to launch the public offering.

The UK Treasury was left with a stake in Lloyds following its £20bn (€25bn) rescue during the financial crisis, after it swallowed up troubled Halifax Bank of Scotland.