Chancellor unveils £4.5bn extra savings including Royal Mail stake sell-off
by Patrick Wintour and Heather Stewart from on (#ADXQ)
George Osborne plans to raise 1.5bn from Royal Mail sale and 3bn in government department savings, prompting IFS warning
George Osborne has taken an early swipe at departmental budgets, announcing 4.5bn of savings this year through a sell-off of national assets - including the remaining stake in Royal Mail - and spending cuts.
Government departments have been ordered to find 3bn in savings this year, and the chancellor says he will also raise 1.5bn from the sale of the government's 30% stake in Royal Mail.
Related: George Osborne's 4.5bn savings plan: what's being cut?
Related: Relinquishing last Royal Mail shares must be done at highest price possible
Related: On spending cuts, Osborne's A Hard Day's Night looks set to get harder
Continue reading...