By Jonathan Davies

The government has sold a further £586 million worth of shares in Lloyds Bank, taking its stake below 21%.

It means the government has raised more than £8bn since it started selling shares in 2013. It took a 41% stake in 2008 when it bailed out Lloyds Bank to the sum of £20bn.

Last week, Prime Minister David Cameron said a Conservative government would sell £4bn worth of Lloyds shares to the public and small investors for a cut price.

"Today's announcement shows the further progress made in returning Lloyds Banking Group to full private ownership and enabling the taxpayer to get their money back," Lloyds said in a statement.

"This reflects the hard work undertaken over the last four years to transform the group into a simple, low-risk and customer-focused bank that is committed to helping Britain prosper."