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On 5 October 2015 HM Treasury announced plans to sell at least £2 billion of the government’s remaining stake in Lloyds Banking Group plc to retail investors.
The offer was expected to take place in Spring 2016, however on 28th January 2016 UK Chancellor George Osborne confirmed he was postponing the sale until "turbulent market conditions have calmed down".
In a statement on 17 May 2016, confirming the dividend payment the government has received from Lloyds, the Treasury said it was “fully committed” to launching a retail sale of Lloyds shares and to fully returning the bank to private ownership by next year. No specific timeline on when share sales, either to institutional or retail investors, would start again was provided.
On 7th October 2016, almost a year to the date the offer proposal was announced, UK Chancellor of the Exchequer Philip Hammond said the government has withdrawn its planned retail sale of its 9.1% stake in Lloyds Banking Group PLC, and will instead sell the stake via a trading plan as "ongoing market volatility" means it is "not the right time" for a retail offer.
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