The Treasury, a UK government department responsible for developing and executing the British government’s public finance and economic policy, is, reportedly, planning to delay the sale of its holdings in Lloyds from spring to autumn 2014.
The move by The Treasury is the result of advice from UK Financial Investments (UKFI). The UKFI is an agency set up by the government to manage taxpayers’ stakes in the big banks.
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The sale is part of the initiative started in 1990 to fully privatise Lloyds.
A government source was quoted by BBC as saying that they are now focusing their preparations on a possible retail offer in the autumn, by which time they should be able to do something bigger and more universal than the limited retail offer that would have been possible in the next few months.
According to sources, market volatility and slower recovery for Lloyds could delay the sale until the autumn. However, the sale of another £3bn of shares to investment institutions could occur anytime.
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