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The drip feed of shares in Lloyds Banking Group is close to an end.

The bank said today that the UK government’s crisis-era stake has now shrunk to under 2 per cent, having dropped under 3 per cent in the middle of last month.

All told, taxpayers have now recovered £20bn of the £20.3bn they pumped in to rescue the bank in 2008.

In a statement, economic secretary to the Treasury Simon Kirby said he welcomed “this further progress in returning Lloyds to the private sector”.

Copyright The Financial Times Limited 2017. All rights reserved.

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