Written question asked by Lord McFall of Alcluith (Labour), in the House of Lords. It was answered by Lord Sassoon (Conservative) on Tuesday, 5 April 2011.

Government: Shares

Question: To ask Her Majesty’s Government what plans they have to begin the sale of their shares in banks; and what funds they expect to raise from the sale of such shares.

Answer: UK Financial Investments (UKFI) manages the Government’s shareholding in Lloyds Banking Group and the Royal Bank of Scotland on an arm’s-length and commercial basis. UKFI’s remit is to devise and execute a strategy for disposing of the Government’s investments in an orderly and active way, in line with its overarching objective to create and protect value for the taxpayer as shareholder. As decisions on the sale of government shares need to be taken in the context of changing economic and market conditions, UKFI do not think it possible, or desirable, to make commitments on timing or other details.

Secondary information