Royal Mail stake set to be sold off

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The Government’s remaining stake in Royal Mail is to be sold off and billions of pounds more trimmed off Whitehall budgets as part of efforts to balance the books, George Osborne has announced.

The Chancellor said he would begin offloading the 30 per cent holding – worth around £1.5 billion – within months. Meanwhile, departments have found a further £2.5 billion of cuts for this financial year, and are selling off assets worth around another £500 million.