Government reduces stake in Lloyds Banking Group

Share sale takes taxpayers' holding in bailed-out bank below 12%, and total recovered to 15bn

The government has sold a further 1% of Lloyds Banking Group, taking taxpayers' stake in the bailed-out bank to less than 12%.

The sale reduces the government's holding in Lloyds to 11.98% from 12.97% a month ago. The Treasury has raised 15bn from selling Lloyds shares and has used the money to pay off the national debt.