Royal Mail pension windfall
George Osborne will use a £28 billion windfall from the transfer to the state of Royal Mail pensions to reduce the deficit and not to pay for major projects, the Treasury said.
Royal Mail pension windfall will tackle deficit
The Chancellor was reported to be under pressure from Tory donors and backbenchers to splash the extra money created by the pension transfer on infrastructure projects, such as roads, schools and power stations.
But the Treasury said it would go immediately to cut the UK's record deficit.
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