George Osborne sold UK’s 40% Eurostar stake to pay off national debt

George Osborne sold UK’s 40% Eurostar stake to pay off national debt.

17:14 04 March 2015

The Government has agreed to sell the taxpayer’s stake in Eurostar for £757million to an overseas consortium in a privatization push to reduce the country’s vast national debt.

Chancellor George Osborne and Chief Secretary to the Treasury Danny Alexander made the announcement today, which irked some critics saying that the decision has only short-term gain.

Mr Osborne said that it was 'a fantastic deal for UK taxpayers that exceeds expectations.

'Investing in the best quality infrastructure for Britain, getting the best value for money for the taxpayer and tackling our country's debts are key parts of our long term economic plan, and in today's agreement, we are delivering on all three'.

The 40per cent stake is to be sold to a consortium of institutional investors - Caisse de depot et placement du Quebec and Hermes Infrastructure.

Chief Secretary to the Treasury Danny Alexander said: 'There's no virtue in the Government owning assets it doesn't need to.

'This sale, at a much higher price than market expectations, is a model example of how this Government is securing great value for money for taxpayers as it helps rebalance and rewire our economy.'