Government To Offload GBP16bn Of Assets In Bid To Slash Debt

Thu, 15 Oct 2009

The Government has announced plans to put a number of major assets up for sale in an attempt to reduce Britain’s spiralling debt .

Prime Minister Gordon Brown is hoping to raise £3bn over the next two years from the sales of assets including the Dartford Tunnel, the student loan book and the cross-Channel rail link.

In addition, it is hoped a further £13 billion will be raised through asset sales from local authorities to help cut government debt .

Mr Brown said: "We've listed a number of assets that we are determined over the next period of time to put into the marketplace."

"That includes of course the student loan book, the Dartford Tunnel, plus the Channel rail link, it includes Urenco subject to security issues being addressed."

The Prime Minister said he expected many of the deals to be completed over the next two years and added that the sales were key to Labour's "clear and credible" four-year plan for halving the UK’s budget deficit, which is set to hit a record £220bn (equal to 12 per cent of GDP) this year.

Liberal Democrat Treasury spokesman Vince Cable said the sale of assets made sense "at least in principle" but added that it was "barmy" to consider selling off large amounts of government land into "a very depressed market".
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