Royal Mail stake to be sold off, George Osborne announces

The government's remaining 30% stake in the Royal Mail is to be sold and £3bn cut from government spending this year, George Osborne has said.

The chancellor said the Royal Mail shares money - valued at £1.5bn - would be used to pay down the national debt.

The £3bn in cuts come ahead of further reductions to be announced in July.

The NHS, schools and overseas aid are protected from cuts - but other departments such as the Home Office and MoD will have to find savings.

Labour accused Mr Osborne of "ripping up" his long term economic plan by springing the announcement on MPs.

The SNP said the move "poses real danger to the postal service and, in particular, the universal service obligation which is of huge importance to Scotland".

http://www.bbc.co.uk/news/uk-politics-33004664


FFS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Bet his mates will be jumping for joy knowing they are going to make more profit on the back of the taxpayer!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!