Budget 2015: Govt to sell £13bn of mortgage assets in failed banks

The Government will sell off £13bn of mortgage assets held by bailed out banks Bradford & Bingley and Northern Rock.

Giving the final Budget of this parliamentary term today, Chancellor George Osborne also confirmed it would offload a further £9bn in Lloyds Banking Group shares.

Osborne said the money generated from the asset sales, together with the £35bn reduction in debt interest payments, would be used to pay down the national debt.

He added: “We are putting economic security first.”

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