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Time To Halt The Great Public Asset Boot Sale — and Create Social Wealth Funds

OffGuardian

by Stewart Lansley, reposted from Social Europe

Britain’s public assets are now the subject of a giant boot sale. The great rolling privatisation juggernaut not only includes the £4bn Green Investment Bank, and the bailed-out Lloyds Bank but is now eying up assets like Channel 4 and the Met Office. The government hopes that together they will deliver £32bn in revenue this year alone from the sell-off.

Privatisation was originally sold as the route to Mrs Thatcher’s much vaunted ‘popular capitalism’. Yet shares bought by the public through privatisation have mostly been sold immediately. Far from spreading wealth, decades of sell-offs have merely skewed the economy even more heavily in favour of a few private owners helping to fuel Britain’s widening wealth and income gap.

No longer able to claim it will spread popular capitalism – always a myth – the government has a new defence: sales will help pay…

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