By Jonathan Davies

The Government has announced plans to more of its stake in Lloyds Banking Group.

"I can confirm today that the government is taking the next step in returning Lloyds Banking Group to private ownership," Chancellor George Osborne said.

The government currently owns a 25% stake, following previous share sales. It is expected to sell a 5% stake, raising £3 billion.

Lloyds Banking Group was bailed out by the government at the height of the financial crisis.

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