PCS: Union criticises government privitisation of assets

Monday, 12 October 2009 12:00 AM

The Public and Commercial Services Union (PCS) today accused the government of privatising and selling off the family silver at a knock down price to pay for the failure of the City and financial institutions.

The charge comes as Gordon Brown today announced a £16 billion asset sell off as part of moves to stabilise the public finances. Assets including the Tote, Student Loans book, Channel Tunnel rail link and the government's 32% in the uranium processing company Urenco have all been earmarked for the sell-off.

Commenting, Mark Serwotka, PCS general secretary, said: "The government is privatising and selling off the family silver to pay for the failures of the City and the financial institutions that caused the financial meltdown. We have already seen the government's diabolical track record of selling off assets at a knock down price with the controversial sale of QintetiQ, where Chief Executive Sir John Chisholm saw his personal investment of £0.13 million increase to £26 million on flotation of the company.

"Handing over key assets at a snip to private companies and possibly some of the financial institutions that caused the financial crisis is disgraceful and will offer poor value to taxpayers. The government should be looking at the billions in tax that is lost through avoidance and evasion rather than handing over key public assets on a platter to the private sector."

For further information, interviews and comment please contact Alex Flynn PCS national press officer on 020 7801 2747 or 07833 978216.

PCS, the Public and Commercial Services Union is the union representing civil and public servants in central government. It has more than 300,000 members in over 200 departments and agencies. It also represents workers in parts of government transferred to the private sector. PCS is the UK's sixth largest union and is affiliated to the TUC. The general secretary is Mark Serwotka and the president is Janice Godrich.

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