Sale on: Quango confirms Lloyds move

UKFI: Lloyds sale back on. Picture: PA
UKFI: Lloyds sale back on. Picture: PA
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UKFI, the quango which owns the taxpayers’ stake in bailed out banks, has confirmed it will sell its stake in Lloyds Banking group in tranches.

In its annual report, the body said that “the prospects for commencing a broad-based sell-down of the shareholding [in Lloyds] are much better than at this point last year”.

The net cost of its investment in Royal Bank of Scotland was now £42.7 billion, which it estimated to be worth 471p per share - against the Treasury’s 407p “break even” price.

Likewise, the net cost of Lloyds’ bail out stands at £17.4bn, equal to 63.1p, against the 61p break even.

Robin Budenberg, chairman of UKFI, saw his pay cut to £75,000 from £147,251 the previous year. Outgoing chief executive Jim O’Neil received salary, pension and expenses of £208,164.