A third way on asset sales
If there is one word that best describes the current state-owned asset sales programme, it would probably be ‘compromise’. In 2008, when the Government was faced with the challenge of tackling rising levels of public debt (projected at 36 per cent of GDP for 2013) in a low-growth economy, all the while nursing a balance sheet heavily overweight on A-rated electricity assets, the choice was clear: sell one to pay the other. Read more
