Government to sell its stake in Eurostar
The UK government is looking for buyers for its 40% stake in train operator Eurostar to help boost the public finances.
The plan to sell was set out last year in the government’s Autumn Statement and National Infrastructure Plan, which hopes to raise about £20bn from corporate and financial asset sales by 2020.
Companies interested in purchasing the stake have until the end of this month to notify the Treasury.
The government said it expects to reach "definitive agreements" in the first quarter of 2015.
Chancellor George Osborne told the BBC: "I am determined that we go on making the decisions to reform the British economy and tackle our debts. So we will proceed with the potential sale of the UK’s shareholding in Eurostar today.
"As part of our aim to achieve £20bn from assets sales by 2020, the sale proceeds would make an important contribution to the task of reducing the public sector debt."
But Mick Cash, general secretary of the RMT rail union, said: "This compounds the issue of foreign ownership of Britain’s railways as the French state has first refusal on our slice of the highly profitable Eurostar cake.
"The French and Belgians think we are insane knocking off such a valuable and strategic infrastructure asset."
Eurostar began service in 1994 as a partnership between three railway companies: SNCF, SNCB and British Rail (subsequently LCR).
In September 2010, it became a single, unified corporate entity owned by three shareholders: SNCF, SNCB and LCR. In June this year the UK government’s holding transferred from LCR to the Treasury.
Diane
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