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Tote Sale Exposes Failure To Understand Privatisation 28 September 2006

Posted by David in Labour.

News todayRacehorse that the planned sale of the Tote – the state owned bookmaker and racecourse owner – may be against EU rules is frankly crazy. Has Hugo Swire, the Conservative Shadow Culture Secretary who announced the news, got nothing better to do?

What is more of a problem is the Labour governments total lack of understanding privatisation. I am very much in favour of privatisation – why on Earth should the state run a bookies – but the government misses the point.

Privatisation is not meant to be about flogging assets off to whoever is favoured, it is meant to be about floating these companies as independent entities on the stock exchange where private people can invest. Remember BP – Be Part of It.

Instead of being floated the Tote is being sold off hugely undervalued to a state selected consortium. The same happened with Quinteq. Put the Tote on the LSE and let private people invest.



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