Government 'plans property sell-off'
Plans for a £25 billion sell-off of Government property are to be unveiled next month
The move, which will see the property sold over the next three years, will be announced by Chancellor George Osborne, according to the Mail on Sunday.
The sale will account for nearly seven per cent of all state-owned buildings and land, it was claimed.
The announcement comes as the coalition Government attempts to get to grips with Britain’s huge deficit.
Each Whitehall department will be given an incentive to either cash in or use more effectively their property assets.
It is thought Prime Minister David Cameron wants civil servants to employ innovative methods to capitalise on the state’s assets.
Cameron’s discovery that the Ministry of Defence alone owns more than 1 per cent of all property in Britain was said to have prompted him to keep a close eye on this project.
The Queen Elizabeth II Conference Centre in central London is among the assets potentially up for sale. Also likely to go under the hammer are holdings and depots of the Defence Storage and Distribution Agency and British Waterways.
Peter Gershon, efficiency expert and former top civil servant, has been asked to advise on property savings - alongside former Logica boss Martin Read and Tesco executive director Lucy Neville-Rolfe.