Government sells another stake in Lloyds Banking Group

The Government has offloaded a further 1% stake in Lloyds Banking Group to City investors, reducing its holding in the bank to less than 11%.

The latest sale means it has recouped £15.5 billion for the taxpayer to date, having spent around £20.5 billion propping up the bank during the financial crisis.

All sales are used to reduce the national debt.

Lloyds has already been in the spotlight this week after the Government unveiled plans to sell at least £2 billion worth of shares to the public at a discounted price this spring.

There has been significant public interest, with more than 62,000 people signing up for information on buying shares on the day it was announced, according to Treasury sources.

Chancellor George Osborne said today: "It is fantastic news that we have sold more shares in Lloyds Bank, taking the total recovered for the taxpayer to £15.5 billion.

"I am determined to build on this success by making Lloyds shares available to the public next spring, so that we can build a share-owning democracy and continue to reduce our national debt."

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