In Need of Cash, Britian Puts Chunnel Up For Sale

In April, Chancellor of the Exchequer Alistar Darling, the U.K.’s finance minister, announced that our cousins across the pond were planning to use asset sales to raise funds, given their economy is in a similar place as ours. Yesterday, Prime Minister Brown reiterated this plan:

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.

Read the whole story from the AP here.