Following its announcement, it has been largely criticised by opposition parties and the UK media.
After the October 2008 bailouts of RBS, HBOS and Lloyds TSB and Lloyds TSB's January 2009 merger with HBOS, the Government was holding a 43% stake in Lloyds Banking Group, but then on March 6, 2009, after it became apparent that the HBOS merger had been bad for Lloyds since HBOS had made losses of £11bn, the Government announced it would increase its stake in Lloyds to 65% (77% if including non-voting preference shares).[2]
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