An ambitious bid to privatise the BBC has been withdrawn by MPs.

Conservative MP Peter Bone presented the BBC Privatisation Bill last year.

Its main aim was to hand over ownership of the state-funded corporation to the public by providing shares to all licence fee payers.

Bone who had the backing of five other MPs; Christopher Chope, David Nuttall, Philip Davies, Douglas Carswell and Adam Afriyie, presented a bill to make provisions to decriminalise non-payment of the BBC licence fee.

However, an update posted about the progress of the bill said it has subsequently been withdrawn and will not progress any further. Because it was a Private Member's Bill reasons for its withdrawal is yet to be given.

The Government and the BBC reached an agreement over future funding of the brodcaster in 2011, part of which froze the licence fee which will remain at £145.50 until the end of the charter in 2016/17.

According most recent figures, BBC collected £3.6 billion in licence fees in 2012/13.