Government to sell off remaining stake in Royal Mail

The government will raise money to pay down the deficit by selling off its remaining 30% share in Royal Mail.

"We have a structural budget deficit and that is not going to be fixed by economic growth alone," Chancellor George Osborne said.

He assured that shares would only be sold once ministers were confident they would get good value for money.

Osborne also announced £4.5bn in efficiency savings in the current financial year.