The government is to sell off its remaining 30 per cent stake in Royal Mail, Chancellor George Osborne has announced as he set out proposals for cutting departmental spending by £3 billion this year.
The stake is currently said to be worth around £1.5 billion.
Speaking during a debate in the House of Commons, he told MPs it was the "right thing to do".
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.
Initial reports suggest none of the shares being offered up for sale will be reserved for employees, who received 10 per cent during the last sell-off.
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