Chancellor delays sale of Lloyds Shares

gosborne

George Osborne, the Chancellor of the Exchequer, has confirmed that he intends to delay the proposed sale of the Government’s stake in Lloyds Bank.

Speaking to BBC News Osborne said:

“I want to create a share owning democracy and I want to give the British people a chance to buy shares in Lloyds bank, a bank that they had to bail out. It is also my responsibility to make sure we have a secure and sound economy and with these turbulent financial markets it wouldn’t be right to have the Lloyds share sale now”.

A spokesman for Lloyds Bank said:

“The timing of any future retail sale is a matter for the government. Our focus is on moving the group forward so that it can continue to be profitable and deliver sustainable returns to all our shareholders”.