The British government said it plans to sell at least £2 billion of Lloyds Banking Group shares to households early next year. The government plans to “fully exit” its Lloyds stake “in the coming months,” according to a statement on Monday. Members of the public will be offered a discount of 5 per cent of the market price, with a bonus share for every 10 shares if they hold their investment for more than a year.

Chancellor of the Exchequer George Osborne is seeking to return Lloyds to full private ownership after the government spent £20.5 billion pounds rescuing the lender during the financial crisis of 2008. The government will use the funds to help cut national debt.

Under the current year-long trading plan due to end in December, U.K. Financial Investments Ltd. has been selling small batches of shares to investors, reducing its holding from 25 per cent. A sale in September pushed the government stake to below 12 per cent.

Bloomberg