The Guardian Financial pages reported yesterday that Lloyds made a £1.6 Billion profit in the first six months of this year.
You will remember that Lloyds bought the ailing HBOS (Halifax Bank Of Scotland) and then asked for government money when it ‘discovered’ that the balance sheet at HBOS was even worse than originally thought.
Well since then Lloyds has tightened up, shed staff, cleared bad debts and made money. It’s shares were up to 75p yesterday.
Well what the government actually gave Lloyds was money in return for a 41% stake in Lloyds. So now clever old Gordon Brown (I really cannot imagine he didn’t foresee the swing back to profit) has made a profit for the British taxpayer.
I am surprised Mr Cameron didn’t try to sell the stake before the profit figures were announced….