The UK government has unveiled plans to launch a share sale in Lloyds Banking Group open to private retail investors in the next 12 months.

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The share sale comprises part of the Treasury’s plan to return the bank to the private sector.

The finance ministry will also extend a trading facility, which was launched in December 2014, to sell off shares in the bank to 31 December 2015.

Finance minister George Osborne said: "The trading plan has been a huge success, with almost £3.5bn raised for the taxpayer so far.

"But we’re determined to get on with the job of returning Lloyds to private ownership. That’s why I’m extending the plan for six months so that we can make even more progress in returning money to the taxpayer and paying down the national debt."

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Morgan Stanley will perform the role of broker on behalf of the Treasury to execute the trading plan.