The Tote bookmaker and the Channel Tunnel rail link are among a number of assets that are set to be sold off by the government in a bid to reduce the UK's national debt.

New plans announced by Prime Minister Gordon Brown aim to raise around £16bn from the disposal of state-owned assets in order to make in-roads into relieving the country's financial burden - estimated to reach £175bn by the end of 2009. The Prime Minister unveiled the proposals in a speech to economists in London, which will see the government attempt to sell the Tote bookmaker for the first time since it decided to hold onto the company in October 2008.

Brown said: "We plan a sale of assets to deal with our debt issues and I've said today that £16bn of assets will be sold within the next two years. "That includes, of course, the student loan book, the Dartford Tunnel, the Channel rail link; it includes the Tote and includes other facilities and a property portfolio that will be announced over the next period of time."

However, the measures have been criticised by the Liberal Democrats for trying to sell assets at a time when the full market value will not be achieved, while also not doing enough to deal with the long-term deficit. Vince Cable, the Liberal Democrats' treasury spokesperson, said: "Selling off what is left of the family silver is not going to solve the long term problem of Britain's structural deficit.

"With the Government acknowledging just 12 months ago that market conditions were not right for the sale of the Tote, concerns must be raised that this dramatic turn around is due to political rather financial considerations."