US investment bank Lehman Brothers is “actively considering” forming a consortium to bid for the next National Lottery licence.

In an interview with the Financial Times, Anthony Fry, head of UK investment banking at Lehman Brothers, said: “From a Lehman viewpoint, no other financial institution has participated in this way. It begs the question: is a bid something we should be doing on behalf of clients or should we do something more active and pull together a consortium?”