UK Government Sells 6% Stake in Lloyds to Raise £3bn

Lloyds-BankingIt has been reported by Financial Times that the UK government has raised £3.2bn from the sale of six percent stake in Lloyds Banking Group. It has been confirmed on Tuesday in the first stage of the re-privatization of the high street lender.

The sale has set a benchmark in Lloyd's recovery. It sought a pace in the past year as Antonio Horta-Osorio, chief executive, has driven the group back into profit.

The president of the ECB said while speaking in a conference in Berlin about the need to restore the eurozone's banking sector through a single resolution mechanism. It will help business lending and prepare for future banking crises.

Chancellor George Osborne tweeted, "If you look at what has happened over the last 12 hours with Lloyds, you have investors from around the world investing in a British bank. That is a sign the British economy is turning a corner".

The previous government forced British taxpayers to put a huge sum of money into bailing out of the banks five years ago.

As per reports of The Times, Spaniards purchased more bicycles than new cars last year as the economy worsened in the country. The economic crisis previously left at least a quarter of the workforce unemployed.

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