Osborne unveils plan to offload 30% Royal Mail stake

Chancellor George Osborne has announced the government is to sell its remaining 30% stake in Royal Mail.

Speaking in the House of Commons, the Chancellor (pictured) said that the sale would commence at a point when ministers felt they would get good value for money.  Proceeds of the sale, expected to be around £1.5bn based on the company's current market value, will be used to help pay down the UK's current account deficit. The announcement comes in the same week that plans to sell off further government stakes in both Lloyds and RBS were accelerated. The government sold 70% of Royal Mail in 2013, raised £2bn in the process, but has since been accused of poor judgement in doing so. A ...