Investments  

Budget 2015: Plans set out for huge state asset sale

Budget 2015: Plans set out for huge state asset sale

Chancellor George Osborne laid out his plans for the widespread sale of government stakes in RBS, Lloyds and Royal Mail as part of the largest privatisation project ever.

Mr Osborne said in his Budget speech yesterday he would look to sell three-quarters of the government stake in RBS over the course of the current parliament and expects to raise £2bn in 2015/2016.

He announced a further sale of Lloyds Banking Group shares over the next 12 months and said further details would be set out “in due course”.

Article continues after advert

The chancellor added the government would look to offload its remaining 14 per cent stake in Royal Mail by the end of 2015/2016, raising around £700m.

Along with other planned disposals, Mr Osborne said 2015/2016 should generate “the largest privatisation proceeds in a single year ever”, more than £10bn higher in real terms than the previous record in 1987.