{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Lloyds bank: UK government sells off final shares, but did it make a profit?' data-url='/boclips/videos/6878e3d4860c8396ee54d48c' data-video-url='/boclips/videos/6878e3d4860c8396ee54d48c' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nLloyds bank: UK government sells off final shares, but did it make a profit?\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca href=\"/search?publisher_ids%5B%5D=\"\u003e/search?publisher_ids%5B%5D=\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eThe British government has sold its last remaining stake in Lloyds Banking Group nearly a decade after it had to be saved from collapse with billions in taxpayers’ money. The lender is the first of those that were bailed out to end...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eThe British government has sold its last remaining stake in Lloyds Banking Group nearly a decade after it had to be saved from collapse with billions in taxpayers’ money.\u003cbr\u003e\u003cbr\u003e The lender is the first of those that were bailed out to end partial state ownership in a symbolic step for the UK’s recovering banking sector.\u003cbr\u003e\u003cbr\u003e Please to say Lloyds bailout has now been fully repaid and all taxpayers’ money returned. £21.207B paid back on £20.313B injected.— Philip Hammond (@PhilipHammondUK) May 17, 2017\u003cbr\u003e\u003cbr\u003e At one stage the government owned 43 percent of Lloyds having spent over 20 billion pounds rescuing it. \u003cbr\u003e\u003cbr\u003e “Six years ago we inherited a business that was in a very fragile financial condition,” Lloyds Chief Executive Antonio Horta-Osorio, who joined the bank in 2011, said in a statement on Wednesday. “Thanks to the hard work of everyone at Lloyds, we’ve turned the group around.”\u003cbr\u003e\u003cbr\u003e Lord Blackwell, Lloyds Banking Group Chairman, discusses the Group’s return to\u003cbr\u003eprivate ownership \u003ca \u003ca href='https://t.co/A6yQOaWgXG' target='_blank' rel='nofollow'\u003ehref=\"\u003c/a\u003e\" rel=\"nofollow\"\u003etoday\u003c/a\u003e #LLOY $LLOY pic.twitter.com/y3hEaQQ9Ab— LBGNews (@LBGNews) May 17, 2017\u003cbr\u003e\u003cbr\u003e The sale of the final shares means the state made a profit of 894 million pounds (1.042 billion euros) according to the bank and the British finance minister Philip Hammond. But experts point out that calculation does not take in to account inflation or fully factor in the cost of borrowing the cash to pay for the original bailout.\u003cbr\u003e\u003cbr\u003e William Wright, managing director at New Financial, a think tank that promotes capital markets in Europe, said he calculated the government had actually made around a six billion pound (seven billion euro) loss on the transaction.\u003cbr\u003e\u003cbr\u003e Once you factor in inflation over the past 9 yrs \u0026 cost of funding the £20.3bn bailout the current cost is closer to £28bn = a big loss 2/4— William Wright (@Williamw1) May 16, 2017\u003cbr\u003e\u003cbr\u003e So far about half of the money has been recovered that was used by the UK government to rescue five banks during the financial crisis. At the time the bailout cost taxpayers around 137 billion pounds. \u003cbr\u003e\u003cbr\u003e Lloyds is back in private ownership, drawing to a close one of the largest bailouts of the financial \u003ca \u003ca href='https://t.co/7ctcIg9fhA' target='_blank' rel='nofollow'\u003ehref=\"\u003c/a\u003e\" rel=\"nofollow\"\u003ecrisis\u003c/a\u003e pic.twitter.com/xN2UlDDpev— Financial Times (@FT) May 17, 2017\u003cbr\u003e\u003cbr\u003e British lenders’ long road back to public ownership contrasts with other countries such as the United States, where lenders such as JPMorgan, Bank of America and Citigroup repaid the government by the end of 2009.\u003cbr\u003e\u003cbr\u003e Lloyds is out of state hands. 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