Thread: British Government to Sell State and Public Assets to Help

British Government to Sell State and Public Assets to Help Pay Off Debt

Monday, October 12, 2009

In a bold effort to help pay down government debt, British Prime Minister Gordon Brown announced a major sale of state and public assets on Monday, Times of London reported.

The sale of assets reportedly totals $25 billion and includes some famous landmarks in Britain, including the Channel Tunnel, better known as the “Chunnel."

The Dartford Crossing and the nationalized bookmaker the Tote will also be sold over the next two years, according to the newspaper.

More controversial moves are the privatization of the Student Loan Book and the sale of the government’s stake in Urenco, a group which runs uranium enrichment plants in Britain, Germany and the Netherlands.

The government currently has a 33 percent stake in Urenco, according to BBC News.

The government will sell its stake in the uranium company “subject to security issues being resolved,â€

Brown has been attacked by the Conservatives who say paying down the deficit too fast is not an effective long-term solution.

How silly! Selling out a country's infrastructure to solve short-term budget problems is what American cousins are teaching as the way to economic success or covering the deficits. Go for it, and then appreciate the New Globalism.