Royal Bank of Scotland sell-off begins

The government has begun its sell-off of shares in part-nationalised lender Royal Bank of Scotland, raising £2.1bn, a third below the price it paid.

It sold a 5.4% stake at 330p a share, a 7.6p discount on Monday's closing price.

Chancellor George Osborne is facing criticism for selling the shares at well below the price of about 500p the then Labour government paid for them.

John Moylan reports.