The UK government has announced plans to auction of its remaining 30 per cent stake in Royal Mail.
Chancellor George Osborne said that the money from the transaction would help eliminate the deficit.
BBC News reports that Osborne said: “It is the right thing to do for the Royal Mail, the businesses and families who depend on it – and crucially for the taxpayer. Further savings in departments this year – and selling our stake in the Royal Mail.
"Getting on with what we promised. Reducing the deficit – that is how you deliver lasting economic security for working people.
The remaining 70 per cent of Royal Mail is held by a mix of private investors and the company’s workforce.
Shares in the company dropped three per cent on Thursday following the news.