Brown’s sell-off will raise £1bn a year
Chancellor Gordon Brown has announced plans to sell a range of assets over the next three years. The sales will raise £1bn a year to be used for public investment.
Property to be sold includes former Ministry of Defence assets including nuclear bunkers and food stores, training land and homes. The Department of Transport will sell the freeholds of its motorway service stations. Meanwhile, disposals of local authority assets such as redundant schools and council buildings will run at about £2.75bn a year.
Private money will also be brought into the Tote, the Royal Mint and the national air traffic control system. The racing industry expressed concern that the Tote might be fully privatised.
Analysts are concerned that the 51% sell-off of the national air traffic control system could adversely affect large PFI-funded capital projects such as the New Scottish Centre at Prestwick. Contracts have yet to be signed with preferred bidder Lockheed Martin and Bovis but if privatisation proves a protracted process Nats might decide to finance the centre through borrowing instead.
- Financial Times 12/06/98 page 1, page 8, page 9, page 19, page 20
- The Daily Telegraph 12/06/98 page 1, page 5, page 27
- The Times 12/06/98 page 1, page 2, page 29, page 30, page 31 (Commentary), page 47
- The Independent 12/06/98 page 1, page 2, page 8 (The Sketch), page 3 (Friday Review)
- The Guardian 12/06/98 page 1, page 19, page 21
Chancellor Gordon Brown has announced plans to sell a range of assets over the next three years. The sales will raise £1bn a year to be used for public investment.
Property to be sold includes former Ministry of Defence assets including nuclear bunkers and food stores, training land and homes. The Department of Transport will sell the freeholds of its motorway service stations. Meanwhile, disposals of local authority assets such as redundant schools and council buildings will run at about £2.75bn a year.
Private money will also be brought into the Tote, the Royal Mint and the national air traffic control system. The racing industry expressed concern that the Tote might be fully privatised.
Analysts are concerned that the 51% sell-off of the national air traffic control system could adversely affect large PFI-funded capital projects such as the New Scottish Centre at Prestwick. Contracts have yet to be signed with preferred bidder Lockheed Martin and Bovis but if privatisation proves a protracted process Nats might decide to finance the centre through borrowing instead.
Financial Times 12/06/98 page 1, page 8, page 9, page 19, page 20
The Daily Telegraph 12/06/98 page 1, page 5, page 27
The Times 12/06/98 page 1, page 2, page 29, page 30, page 31 (Commentary), page 47
The Independent 12/06/98 page 1, page 2, page 8 (The Sketch), page 3 (Friday Review)
The Guardian 12/06/98 page 1, page 19, page 21
