View more on these topics

Govt extends Lloyds share sale


The Government has extended the period during which it will offload its stake in Lloyds, the part-nationalised bank, by six months.

The announcement means the Treasury will continue selling shares in Lloyds to institutional investors until 30 June 2016, before opening up to retail investors.

The plan could be stopped before this date to ensure the Government has sufficient shares for the proposed retail sale, which is due to commence in the spring.

Chancellor George Osborne says: “The trading plan has been a huge success, with over £9bn raised for the taxpayer so far. This means we have now recovered over £16bn in total, and we now own 9.2 per cent of the bank. I’m today extending the plan to build on this success and recover further money for the taxpayer.

“As part of my plan to fully return Lloyds to the private sector, reduce public debt and build a stronger and safer financial system, Lloyds shares will also be offered to retail investors in spring 2016. This will allow hardworking people to buy a stake in our economy and help to build a share owning democracy.”

In October, Osborne said at least £2bn of shares in the bank would be sold to retail investors at a 5 per cent discount, with those seeking shares worth less than £1,000 prioritised.

All the proceeds from the sale of shares to both institutional and retail investors will be used to pay down the national debt.



Providers face large scale auto-enrol sell-off

Influential think tank the Pensions Institute says by 2020 the auto-enrolment market will be dominated by just 10 providers. In a report published today, in association with insurer Phoenix, the Pensions Institute says while assets are set to double to £550bn, the number of active providers will plummet. It predicts 90 per cent of auto-enrolment […]

Govt ‘could strike deal with providers on exit fees’

The Government will pressure pension providers into cutting exit fees on legacy policies, experts predict. Speaking at Money Marketing’s Brave New World retirement conference in London last month, independent pensions commentator Alan Higham said the Government would be forced to act on early exit penalties following the FCA’s work on the issue. The FCA’s report, […]


Guide: what you need to consider for your auto-enrolment project

In this guide, Johnson Fleming reveals what items you need to understand to gauge the impact of auto-enrolment on your business. The guide focuses on: the impact that your auto-enrolment scheme will have on you; assessing your workforce; understanding your staging date; reviewing your current provision; and modelling contribution levels and costs.


News and expert analysis straight to your inbox

Sign up


    Leave a comment