Govt delays £2bn Lloyds sale

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Chancellor George Osborne is delaying the sale of the Government’s £2bn remaining stake in Lloyds Banking Group.

Osborne says the recent disruption in the financial markets and slow economic growth are behind the delay.

He says “now is not the right time” for any sale and the Government is waiting for a more stable economic environment.

Prime Minister David Cameron promised to sell the Government’s remaining stake in Lloyds at the last general election.

The Chancellor floated the details of the sale last October, but since then Lloyds’ share price has dropped.

Chancellor George Osborne says: “I want to create a share owning democracy. It’s also my responsibility to ensure economic responsibility so with these turbulent financial markets now is not the right time to have that sale.

“We will sell Lloyds to the British people but we will do so when the time is right.”