A GROUP of more than 6,000 shareholders suing Lloyds Banking Group yesterday condemned the government for "gloating" about its profit from selling off the lender.
Lloyds returned to full private ownership yesterday. It received a £20.3bn taxpayer bailout in 2008 but now the Treasury can claim a profit of £900m, having received £21.2bn from the shares it sold.
Chancellor Philip Hammond welcomed the news, and sent Lloyds' share price up three per cent to 72p.
The Lloyds-HBOS shareholder action group said in a statement: "It is disgraceful that the government is gloating about making a profit from selling its stake in Lloyds, while ordinary people, some of whom were employed by Lloyds and encouraged to buy Lloyds TSB shares as part of their pension, have still after 10 years not been compensated for bailing out HBOS."
(c) 2017 City A.M., source Newspaper