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| Government sells 6% stake in Lloyds Banking Group | |
| (35 minutes later) | |
| The government has sold a 6% stake in Lloyds Banking Group at a price of 75p a share, raising £3.2bn. | |
| The disposal cuts the government's stake in Lloyds from 38.7% to 32.7%. | |
| The sale represents a cash profit of £61m for the Treasury, which BBC business editor Robert Peston said was a good deal. | |
| "If the chancellor said a year ago that there would have been a cash profit on this deal, it would have been laughable," he said. | |
| "From the perspective of where things were a year ago it is a good outcome." | |
| Shares in Lloyds closed at 77.36p on Monday. | |
| During 2008's bailout, the government purchased Lloyds shares at an average price of 73.6p. | |
| The Chancellor, George Osborne, has previously said that 61p a share would be a level at which the government would break even. | |
| The shares which have now been sold were offered to institutional investors, not to the public. The next sale of Lloyds shares is expected include an element aimed at retail investors. |