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Government to sell off final stake in Royal Mail amid £4.5bn of 'extra' cuts

The government will sell off its remaining 30 per cent stake in Royal Mail as part of a £4.5bn package of extra budget cuts, it was announced today.

Chancellor George Osborne revealed the sell-off would raise £1.5 billion, on top of a £3bn package of other cuts and efficiencies including land sales and cutbacks in administration costs.

The extra savings will add to the £13bn of cuts already being made by Whitehall departments.

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Osborne: Govt departments have found £4.5bn extra funding

Chancellor George Osborne has said government departments have found an extra £4.5 billion for the current financial year.

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