The announcement, which came this afternoon, detailed that the government will begin to sell its remaining 9.1% stake in Lloyds via a trading plan, withdrawing the planned retail sale, citing 'ongoing market volatility'.
The Chancellor, Philip Hammond said:
"Returning Lloyds to the private sector is in the interests of the bank, taxpayers and the country as a whole. That is why exiting our stake in Lloyds in an orderly way and at the best possible price is one of my top priorities as Chancellor.
"I have listened to the experts. Ongoing market volatility means it is not the right time for a retail offer.
"Our plan will get back all the cash taxpayers invested in Lloyds during the financial crisis and leave the bank in a better place to continue the crucial role it plays in supporting individuals, families and businesses up and down the UK."
