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You can find the current article at its original source at http://www.theguardian.com/business/2016/jan/28/george-osborne-postpones-sale-sell-off-last-publicly-owned-lloyds-bank-shares
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| George Osborne postpones sale of last publicly owned Lloyds Bank shares | |
| (35 minutes later) | |
| George Osborne has postponed the sale of the last taxpayer-owned tranche of Lloyds Bank shares this spring, blaming “market turbulence”. | George Osborne has postponed the sale of the last taxpayer-owned tranche of Lloyds Bank shares this spring, blaming “market turbulence”. |
| The chancellor pledged in last year’s election manifesto to sell the remaining stake in the bank – just under 10% of the company – to the public this spring. | The chancellor pledged in last year’s election manifesto to sell the remaining stake in the bank – just under 10% of the company – to the public this spring. |
| However, he told Sky News and other broadcasters that he has decided to delay the sale following the sharp selloff in stock markets in recent weeks. | However, he told Sky News and other broadcasters that he has decided to delay the sale following the sharp selloff in stock markets in recent weeks. |
| Several indices, including London’s leading share index, entered bear market territory earlier this month, pressured by the slump in oil prices coupled with concerns about China and global economic slowdown. The FTSE has recovered this week but it global equity markets remain volatile. | Several indices, including London’s leading share index, entered bear market territory earlier this month, pressured by the slump in oil prices coupled with concerns about China and global economic slowdown. The FTSE has recovered this week but it global equity markets remain volatile. |
| The Lloyds share price has dropped more than 10% below the price at which the government would make a profit from the share sale. | The Lloyds share price has dropped more than 10% below the price at which the government would make a profit from the share sale. |
| We'll build a share owning democracy. So British people can buy Lloyds shares but we'll only sell when turbulent markets have calmed down | We'll build a share owning democracy. So British people can buy Lloyds shares but we'll only sell when turbulent markets have calmed down |
| Osborne said: “I want to create a share-owning democracy. It’s also my responsibility to ensure economic responsibility so with these turbulent financial markets now is not the right time to have that sale. | Osborne said: “I want to create a share-owning democracy. It’s also my responsibility to ensure economic responsibility so with these turbulent financial markets now is not the right time to have that sale. |
| “We will sell Lloyds to the British people but we will do so when the time is right.” | “We will sell Lloyds to the British people but we will do so when the time is right.” |
| It is yet another U-turn on a manifesto pledge, following his change of heart over tax credit cuts in the autumn statement. | It is yet another U-turn on a manifesto pledge, following his change of heart over tax credit cuts in the autumn statement. |