British Prime Minister Gordon Brown announced yesterday a massive 16 billion pounds (US$25.4 billion) sale of state assets, including the rail link from London to the Channel Tunnel, to cut soaring debt caused by the economic crisis.
Brown, facing a potential election wipeout next year at the hands of the main opposition Conservatives, wants to halve Britain’s deficit in four years after it ballooned amid a deep recession.
The planned disposals include the 33 percent stake in European uranium consortium URENCO, the Student Loan Company and the Tote bookmakers.
“We plan a sale of assets to deal with our debt issues and ... 16 billion [pounds] of assets will be sold within the next two years,” Brown told economists gathered in central London.
“We have listed a number of assets that we are determined over the next period of time to put into the market place,” he said.
“That includes the student loan book, the Channel Tunnel rail link; that includes URENCO — subject to security issues being addressed — and that also includes the Tote, other facilities, and [a] property portfolio,” he said.
Britain’s public finances have increased under the weight of an expensive bailout of the troubled banking sector.
The public deficit is widely forecast to strike 175 billion pounds this year as the nation’s finances also buckle amid a fierce recession, which has slashed taxation revenues.
The Conservatives, who are well ahead in the opinion polls with a general election due by June, set out their plans last week for tackling Britain’s debt problem.
Brown is bidding to reclaim the initiative for his governing Labour Party.
His speech included a series of attacks on Conservative policies, a taste of the electioneering flavor that British politics is likely to adopt in the coming months.
“Our deficit reduction plan is deepening, it is far-ranging, it takes account of the issues,” Brown said.
“The difference between it and those of other parties ... is that deficit reduction can happen in a way that does not lead to a deterioration in front-line public services, and make sure that we have the investment that is necessary for the long-term growth of the economy,” he said.
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