Lloyds Banking Group 'could face nationalisation'

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Lloyds Banking Group 'could face nationalisation'

Lloyds Banking Group, the 'super-bank' created by the merger of Lloyds TSB and HBOS, could face nationalisation, it has been claimed.

Vince Cable, the shadow chancellor for the Liberal Democrats, said that such an outcome is "increasingly likely", following a fall in the company's share price on Friday.

Lloyds Banking Group's shares fell by 32 per cent after it announced that its subsidiary HBOS made losses of more than £10 billion last year.

Mr Cable said: "It looks increasingly as if Lloyds is being dragged under by the dead weight of HBOS."

He added: "Obviously we need to digest the detail, but it looks increasingly as if Lloyds HBOS will now go into majority public ownership, followed inevitably by nationalisation."

UK taxpayers already own 43 per cent of Lloyds Banking Group, thanks to a £17 billion injection of government cash designed to keep the bank afloat.

However the chancellor has resisted calls for a full, Northern Rock-style nationalisation, claiming that banks are better run as private sector institutions.

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