Recession-hit Britain to sell off state assets: PM

I / London October 12, 2009, 9:16 IST

The British government will sell off a raft of state assets to help reduce its debt, Prime Minister Gordon Brown was to announce today.

The government is to sell off $25.4 billion, of assets, Brown was to say, according to extracts from a keynote speech he was to give in London.

Brown was to outline details of initial sales that could raise three billion pounds, including the Channel Tunnel linking Britain to France; the 33 per cent stake in European uranium corsortium URENCO; the Tote bookmakers; the River Thames crossings at Dartford, east of London; and the Student Loans Company.

Brown is aiming to halve Britain's deficit over the next four years.

"We also need a deficit reduction plan that supports growth and jobs, not one that snuffs out recovery before it has started," Brown was to say.

The government will also sell off surplus real estate as market conditions improve.

Brown was to say government should focus on "what it does best".

The funds raised will help pay off Britain's debts, he was to say.

Brown said in a podcast yesterday that his speech would spell out his vision for "enduring and sustainable" economic growth.