Osborne's plans for biggest sell-off of public assets

George Osborne has set out his plans to help restore Britain's economy by staging the biggest ever sell-off of government and public owned corporate and financial assets this year.

The Chancellor will create a new government-owned company who will be in charge of the sales, which are expected to be worth £23 billion.

UK Government Investments (UKGI) will sell shares in Lloyds Banking Group, UK Asset Resolution assets, Eurostar and the pre-2012 income contingent repayment student loan book.

ITV News Political Editor Tom Bradby reports:

It is part of plans to cut spending by £13 billion by 2017/18.

Speaking at the Confederation of British Industry (CBI), Osborne said: "If we want a more productive economy, let's get the government out of the business of owning great chunks of our banking system - and indeed other assets that should be in the private sector."

A "plan to make Britain work better" will be published over the next few weeks, setting out proposals to improve transport, broadband, planning, skills, ownership, childcare, red tape, science and innovation.

Osborne also addressed the issue of the EU referendum saying he will be "fighting to be in Europe but not run by Europe".