Chancellor announces government stake in RBS to be sold

The Chancellor George Osborne has said a phased sell-off of the government's stake in the Royal Bank of Scotland will begin in the coming months, at what could be a loss of billions of pounds to the taxpayer.

During his annual Mansion House speech in the City of London, Mr Osborne said that whilst he was not responsible for the bailout of RBS, he was responsible for getting the best deal for the taxpayer now.

Simon Gompertz reports.