Osborne May Sell Shares in RBS, Lloyds, News of the World Says
U.K. Chancellor of the Exchequer George Osborne may sell government-owned shares in Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc to raise cash to help boost the economy, the News of the World reported.
The sale would be staggered over two years starting in early 2012 and would give private investors and the public the chance to buy shares, the newspaper said, without saying where it got the information. The stakes are worth less than the amount the government paid in 2008, though the announcement of the sale may almost double the price and earn a 45 billion- pound ($71 billion) profit, the newspaper said, citing unnamed analysts. Osborne hasn’t decided how to spend the money, the newspaper said.
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