The UK feels the recession is not yet over and the country is hurting for funding – just like the United States. As a means of raising money, the UK Government has taken to selling off public assets.
The British government is holding a fire sale of public assets including the undersea Channel rail link to raise 16 billion pounds ($25 billion) as Prime Minister Gordon Brown warned on Monday that the country is “only halfway there” in overcoming the recession.
The sale of assets, which also includes the government’s 33 percent stake in European uranium consortium Urenco, spearheads the ruling Labour Party’s attempt to boost its economic credentials as it loses ground to the opposition Conservative Party ahead of next year’s general election.
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Nonfinancial assets to be sold over the next two years include the Channel Tunnel rail link, the Dartford bridge and tunnel crossing the River Thames and betting company the Tote.
Local governments will sell off another 13 billion pounds ($21 billion) in assets such as business parks and leisure centers.
It makes one wonder how long it will be until the US starts a fire sale in order to raise money – assuming we just simply don’t try to print more. Oh, and who do you think will be doing the buying of the assets? I can almost guarantee it won’t be U.S. interests.
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