Osborne outlines Lloyds share sale

THE Government will continue whittling down its stake in Lloyds until the end of the year as it gears up for a ‘Tell Sid’-style privatisation for small investors.

The Chancellor yesterday announced the next stage in his plans to return taxpayers’ money, which come almost seven years after Lloyds was rescued with a £20.5bn bailout.

Goerge Osborne intends to sell shares to the public within the next 12 months, in what is expected to be the biggest privatisation since Margaret Thatcher’s government sold off assets such British Gas in the 1980s with the campaign slogan: ‘If you see Sid... Tell him!’

Lloyds shares closed up 0.89p at 88.66p.