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Government may sell off British Waterways
British Waterways, the government body responsible for the UK’s rivers and canals, may be privatised as part of Gordon Brown’s plans to sell off £337bn of assets.
The story first emerged in The Times, which reported that British Waterways was “running a beauty parade of banks with a view to kickstarting a strategic review in the summer”.
British Waterways’ chief executive Robin Evans confirmed in a letter to its stakeholders that it has been asked by the government to “consider and investigate whether its current institutional form and financial structure are optimal for long term security and success, or whether alternative options might better achieve this”.
However, the statement said that “it is not the policy of board or of government to privatise British Waterways”.
The other options available to the organisation would be the sale of all or parts of the portfolio, floating on the Stock Market or other partnership and funding structures. British Waterways announced in October 2006 that it would have to axe 180 jobs as a direct result of a 15 per cent cut in government funding.
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