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Gidiot Flogging Off More Of Lloy

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Desperate for the cash, or just another PR stunt?

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11299286/Government-to-sell-down-taxpayer-stake-in-Lloyds-Banking-Group.html

The Government has announced plans for a third sale of shares in Lloyds before the election, six years after it was forced to bail out the bank.

The Treasury will gradually sell off a part of its stake over the next six and a half months, it announced on Wednesday.

So far, it has sold off £7.4bn worth of shares in two sell-offs of the bank, but still controls 24.9pc of the company, worth just under £14bn.

The Treasury had not been expected to sell off more shares in the bank before the election, given that Lloyds is trading only slightly above the price the Government paid in 2008.

However, Lloyds passing the Bank of England’s stress tests on Tuesday provided the impetus for a further sale.

UKFI, the body that manages the taxpayer’s stake in Lloyds and Royal Bank of Scotland, has devised a scheme that will see shares sold at a “drip feed” rather than – as with the previous two sales – in chunks.

A cap on the number of shares that can be sold means the Treasury is likely to still have a significant stake in the bank going into May’s election, however.

UKFI did not disclose how much will be sold, but instead capped the number of shares it can dispose of at 15pc of market trading levels, a move designed to avoid flooding the market with supply.

Based on volumes of trading in Lloyds, this means that by the end of June – the end of the sale programme – the Government could sell up to 5.4pc of the bank, worth about £3bn.

This would still leave the Government with a stake of almost 20pc, down from 38pc before the first sale in September last year.

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Don't see why he wouldn't tbh. If he doesn't then the next lot will and they get the benefit of it for their figures. 3 billion quid is enough to give 60 million people a 50 quid pre-election bribe each without impacting the figures.

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Don't see why he wouldn't tbh. If he doesn't then the next lot will and they get the benefit of it for their figures. 3 billion quid is enough to give 60 million people a 50 quid pre-election bribe each without impacting the figures.

You call £50 a bribe? Maybe in Albania or Zimbabwe.

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