Taking advantage of a more boyant stockmarket and economic environment, the Government has placed 6% of Lloyds bank shares with Institutional Investors at 75p per share.

This will put £3.2 billion back in the public purse and reduce the Goverment holding in the group, taken at the height of the financial crisis back in 2008, down to a very substantial 32.7% , from 38.7%. 

Putting the whole shareholding on the market in one hit would depress the market price for sure, that stood at 77.36p at the close of business on Monday evening and this sale would be just part of a carefully managed exit, returning the bank to private ownership. At the 75p level the Government may make money on the deal, which still needs careful management but the fees involved at the initial purchase and the current and future sales, will be substantial.