Taxpayer takes a £230m hit on Lloyds sale

George Osborne’s claims that the Treasury made a profit on the sale of Lloyds Banking Group have turned out to be false, as figures show the country has actually LOST £230m.

Figures from the National Audit Office (NAO) show the treasury took a huge hit when selling its stake in the bailed-out bank, instead of the £60m profit Osborne claimed.

After selling the bank in September, he tweeted:

 

But unfortunately, the Chancellor was wrong, according to the NAO.

“Taking account of the cost of borrowing the money to buy the shares, there was a shortfall for the taxpayer of at least £230m,” it said.

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Readers' comments (1)

  • When will they get it right, someone needs to be held accountable for these disasters, the money belongs to the people, so why is it being wasted.I think before anything else gets sold they need to ask the people how much they want to loose!! not just do it.

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