Royal Mail stake to be sold off

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Published: Thursday 4th June 2015 by The News Editor

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George Osborne has announced plans to sell off the Government’s remaining stake in Royal Mail as he set out proposals for cutting departmental spending by £3 billion this year.

The Chancellor said he would begin selling the 30% holding – worth around £1.5 billion – this year.

He told MPs: “I am today announcing that the Government will begin selling the remaining 30% shareholding we have in the Royal Mail.

“It is the right thing to do for the Royal Mail, the businesses and families who depend on it – and crucially for the taxpayer.”

Mr Osborne said the package of asset sales, underspends and efficiencies would knock £4.5 billion off Government debt in total.

Whitehall departments have found a further £3 billion savings for this financial year, on top of the £13 billion they were already making.

The Treasury said that was equivalent to around 3% of unprotected departmental spending.

The Government has appointed Rothschild to advise the Department for Business on the sale of the Royal Mail stake.

Published: Thursday 4th June 2015 by The News Editor

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