Government stake in Lloyds Banking Group now less than 8%

The chancellor expects to recoup the total amount injected into the bank, which rescued HBOS during the height of the crisis. The government’s stake in Lloyds Banking Group is now less than 8% – down from 43% at the time of its £20bn taxpayer bailout in 2008. The reduction took place after Philip Hammond abandoned any attempt at a discounted offer of shares to the public and pressed on with plans to sell shares on the stock market.