Richard Burgon – 2015 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Richard Burgon on 2015-12-11.

To ask Mr Chancellor of the Exchequer, with reference to his Department’s announcement on Government shares in Lloyds Banking Group, published on 18 December 2014, whether he had set a target for the (a) number of shares to be sold and (b) price per share for Lloyds Banking Group at the time of that announcement.

Harriett Baldwin

In December 2014 the Chancellor launched a trading plan to sell the Government’s stake in Lloyds Banking Group, which has since been extended twice; in June and December 2015. The number of shares sold over the course of the trading plan is subject to an overall volume limit of up to but no more than 15% of the aggregate total trading volume in the LBG over the duration of the trading plan.

The final amount sold will depend on market conditions, among other factors. Shares will not be sold below the average price the previous government paid for them, which was 73.6p.

As outlined to the House at the time of the trading plan’s launch, a statement with further details will be laid before Parliament when the plan concludes.