Osborne puts Lloyds Bank sale on hold until markets 'calm down'

Chancellor George Osborne has put on hold the sale of the Government's final stake in Lloyds Banking Group.

The Chancellor said he would not give the green light to the sale until turbulence in global markets had subsided.

In a tweet, Mr Osborne said: "We'll build a share owning democracy. So British people can buy Lloyds shares but we'll only sell when turbulent markets have calmed down."

David Cameron pledged during the general election to sell the final part of the government's stake, which was expected to raise £2 billion.

Details of the sale - set be one of the biggest privatisations since British Gas and BT in the 1980s - were announced last October.