Foreign Office to sell embassies
The Foreign Office has plans to sell hundreds of embassies and homes worth nearly a quarter of a billion pounds in favour of increasing its presence in fast-growing countries such as China and Brazil.
Selling some of the property portfolio, which includes about 5,000 properties around the world, is described as ‘recycling of capital’ as the department changes its strategic priorities, reports the Financial Times.
It also reflects the need to make cost savings of £100m during the current parliament.
In recent years, the Foreign Office has increased its presence in Brazil, India and China and consulates have also been opened in countries such as Madagascar, Sudan and the Democratic Republic of Congo.
While the consulates in both Florence and Venice were closed at the end of last year.
"Florence was a useful consulate in the 19th century given the number of British visitors, then you had to travel by horse-drawn carriage to Rome," said a Foreign Office official. "Now it’s only an hour away and you have mobile phones so it isn’t needed."
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