The British government announced today the sale of its remaining stake in the state-owned Royal Mail, as part of an effort to reduce public debt by 4,5 billion pounds (6,1 billion euros).
Just a month after Prime Minister David Cameron's conservative party won the parliamentary elections, the British Treasury announced that the sale of the post office would provide a major boost to this year's debt reduction plan, reports Agence France-Presse.
"It is estimated that from the sale of a 30 percent stake in Royal Mail, the state could earn around 1,5 billion pounds," the ministry said in a statement.
"I am announcing today that the government will begin selling the remaining 30 percent of shares it has in Royal Mail," said the British finance minister, George Osborne.
In addition, Osborne also ordered the reduction of the military budget by 500 million pounds, while spending on the education sector must be reduced by 450 million pounds, in health by 200 million pounds, and in the judiciary by 249 million pounds.
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