Chancellor Jeremy Hunt announced in his autumn statement last November that the government would "explore options" to divest its remaining stake in the British banking group, currently standing at just below 33%, and intends to invite the public to purchase shares.
The government has opened early talks with a number of brokers about helping to sell the shares to retail investors and has asked firms to sign non-disclosure agreements, according to Bloomberg, which first reported the development.
In November, the chancellor said he would look at options for a retail share offer within 12 months, although it would be “subject to supportive market conditions and achieving value for money”.
During his speech, Hunt drew parallels to the mass privatisations of the 1980s, recalling the iconic advertising campaign for British Gas shares with the slogan "If you see Sid... tell him." Addressing MPs, he stated, "It's time to get Sid investing again." There is increasing speculation that Hunt will use next week's budget to unveil additional details of a public share sale, with UK Government Investments suggesting earlier this month that this could potentially occur as early as June.