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”.