George Osborne has confirmed the government intends to sell its shares in taxpayer-backed Royal Bank of Scotland.
At his annual Mansion House speech last night, the chancellor said the "decision point" over the government's stake had been reached.
Osborne admitted the government was likely to make a loss on the sale, with shares in RBS currently trading well below their 2008 level, but insisted he would get "the best price possible" for taxpayers.
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Bank of England governor Mark Carney said the sell-off would "promote financial stability and benefit the wider economy".
Osborne also confirmed that the government will sell half of its remaining shares in Royal Mail, with an extra share for employees.
The chancellor said postal workers would share a 1% stake, worth around £50m, while another 15% of shares would be sold to institutional investors such as pension funds.
Shadow business secretary Chuka Umunna attacked the move, saying: "It's disgraceful the government is rushing to dump its stake in Royal Mail to City speculators without giving ordinary investors a look-in."