Belfast Telegraph

Windfall plan to cut Royal Mail deficit

George Osborne will use a £28bn windfall from the transfer to the state of Royal Mail to reduce the deficit and not to pay for major projects, the Treasury said.

The cash is expected to become available within weeks - with officials confident of EU approval. Taking over the scheme - which has a near £10bn deficit - is designed to make the organisation more attractive to investors as the Government seeks to privatise it.