Chancellor George Osborne says the government has so far raised £15.5 billion from the sale of Lloyds Banking Group shares.

Mr Osborne made the claim as it was revealed that the government has sold more shares, taking its stake below 11%.

“I am determined to build on this success by making Lloyds shares available to the public next spring, so that we can build a share-owning democracy and continue to reduce our national debt,” the Chancellor said.

The latest announcement comes as the government prepares to sell shares to the public at a reduced price. Reports claim that around 120,000 registered interest through investment firm Hargreaves Lansdown alone. The government's official portal to register interest gathered 62,000 enquiries when the sale was officially announced on Monday.

Around £2 billion worth of shares will be sold to the public at a discount of around 5%.