Monday, October 12, 2009

Wrong time to sell assets- Cable

Likening the Government's plan to sell off £16bn worth of assets in an attempt to shore up public finances to a "car boot sale", Vince Cable added: “It may well be that the sale of some assets is a sensible thing to do, but this is not the time to do it, because markets are very depressed. All our previous experience of government is that they sell off at the wrong time.”

Local Authorities are also angered that they will be expected to supply the bulk of asset sales (£11bn of the total), the government clawing back the money by reducing support grant. It is not clear at this time how the plans will affect Wales.

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