Britain has cut its share in Lloyds banking group to below 17 percent, it was revealed in a stock market disclosure this morning.

The taxpayer’s stake has now fallen by 1 percent to 16.87 percent, making the total sum recovered by the taxpayer in this move £11.5bn. Lloyds was rescued at a cost of £20.5bn to taxpayers during the 2007-9 financial crisis.

A Lloyds spokesman said in a statement:

“Today’s announcement shows the further progress made in returning Lloyds Banking Group to full private ownership and enabling the taxpayer to get their money back.”

“This reflects the hard work undertaken over the last four years to transform the group into a simple, low-risk and customer-focused bank that is committed to helping Britain prosper.”