Government sells further stake in Lloyds Banking Group

Sale of shares takes taxpayer's stake in bailed-out bank to less than 13%

The government has sold 1% of its stake in Lloyds Banking Group to reduce its ownership of the bailed-out bank to less than 13%.

UK Financial Investments, which manages the government's stakes in Lloyds and Royal Bank of Scotland, has reduced its holding to 12.97%, Lloyds said on Monday.