London — Britain has cut its stake in Lloyds Banking Group to just below 8% in a renewed attempt to return the lender to full private ownership over the next year. Lloyds said in a statement on Tuesday the government had reduced its stake in the bank by about one percentage point to 7.99%. UK Financial Investments, which manages the government’s stake in the bailed-out bank, resumed share sales in October that were shelved almost a year ago because of market turbulence. "Today’s announcement shows the further progress made in returning Lloyds Banking Group to full private ownership and enabling the taxpayer to get their money back," the bank said in a statement. Lloyds was rescued with a £20.5bn taxpayer-funded bailout during the 2007-09 financial crisis, leaving the state holding 43%. British finance minister Philip Hammond is under pressure to recoup cash from the government’s stake in Lloyds and fellow bailed-out bank Royal Bank of Scotland, to relieve a likely shortfall in the n...
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