Selling off the family silver

This morning's announcement of the "fire sale of government assets" recalls memories of the late Harold Macmillan standing up in the House of Lords and criticising Margaret Thatcher for selling off the state silver.

It seems that the currency markets are not best pleased either as the Times reports that

Sterling fell to its lowest level in nearly six months against a basket of currencies.

According to the Guardian

David Cameron today claimed that Labour's plans for an asset sale worth £16bn would make little difference to the government's deficit problems.

Whilst speaking in the Commons this afternoon Vince Cable described it as a"national car boot sale".

"If the Government were to sell off the whole of what remains in the public sector, they'd have to pay somebody to carry it away,"

The argument also ecntres around exactly what these assets are worth and whether today's economic climate is the best time to be realising the values.

The tote and the student loan book are hardly exciting offers and as for local government assets,Margaret Eaton, chair of the Local Government Association, said the sell-off “could have serious ramifications for the state of (councils’) tightly managed budgets”.