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Wanna Buy the Chunnel? Get it Now From Slash Gordon

Brown mounts $25.3B asset sale, including underwater rail link

By Jason Farago,  Newser Staff

Posted Oct 12, 2009 3:38 AM CDT

(Newser) – British Prime Minister Gordon Brown is launching a massive $25.3 billion sell-off of Britain's assets, ranging from student loans to the Chunnel linking England and France, in order to reduce record deficits and maintain public expenditures. As the British election draws nearer, the Labor Party is attempting to burnish its credentials for fiscal responsibility by privatizing infrastructure, energy companies, and even a sports betting company. Several political figures last night called the plans the biggest privatizations in over 20 years.

With the real estate market depressed—and to avoid accusations of a "fire sale"—Brown will spread sales over two years, and is refusing to sell any land until markets improve. Yet Labor has struggled in the past to get peskier assets off the public books. It has been stuck with its share in the state gambling company Tote for years despite promising to sell it off in 2001. In 2008 the government nearly sold it, but pulled back at the last minutes after deciding the market was too weak.

Would you buy a Chunnel from this man?
Would you buy a Chunnel from this man?   (AP Photo/Oli Scarff, pool) )
A Eurostar train coming from London leaves the Northbound Channel tunnel to England in Calais, France.
A Eurostar train coming from London leaves the Northbound Channel tunnel to England in Calais, France.   (AP Photo/Geert Vanden Wijngaert)
A Eurostar train waits for passengers at St Pancras International train station.
A Eurostar train waits for passengers at St Pancras International train station.   (AP Photo/Lefteris Pitarakis)
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COMMENTS
Showing 3 of 3 comments
Acoma
Jan 8, 2010 5:15 AM CST
what a neo liberal tool - hollow out your nations resources from the inside... disgusting
divetrader
Oct 12, 2009 12:06 PM CDT
This is a recipe for disaster. Chicago sold the Chicago Skyway to private interests and just recently all the metered parking spots. Mayor Daily screwed the future of the city with his short sighted blindness. And he sold it for a billion dollars less than what it was worth. How do you suppose he will collect revenues in the future? Can anyone say property taxes? Is this the future Britain wants?
kyleleitch
Oct 12, 2009 8:41 AM CDT
Maybe if London wasn't spending ridiculous amount of money on the Olympics it wouldn't be as much of an issue...

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