To ask Mr Chancellor of the Exchequer, what the reasons are for the timing of his Department's sale of the remaining £2 billion of Lloyds' shares.

The Chancellor of the Exchequer stated his intention to return Lloyds Banking Group to the private sector over the coming year in his Mansion House speech of June 2015. The proposal to launch a retail sale in Spring 2016 is consistent with this commitment.

The Government is determined to build a share-owning democracy and to continue to reduce the national debt by making Lloyds shares available to the public. Final decisions around the timing of a sale are dependent on market conditions, among other factors.