Another Gordon Brown sell-off

Another cunning plan from Gordon Brown as he sells off British Energy to EDF for £12.4bn.  Pierre Gadonneix is ‘delighted’ with the deal.  I’ll bet!

(Readers may recall that in an earlier cunning plan Gordon Brown sold off 395 tonnes of our official gold reserves at an average of just $275.6 per oz between 1999 and 2002.  As I write gold is $889.)

The background to this is of course that he is increasingly desperate to find a way to keep the lights on after circa 2015 in the complete absence of an energy strategy.  And of course the £4.3bn for the govt’s stake represents a useful bung for his fast-depleting coffers.

So, the grand strategy of privatising the old state-owned CEGB ends up with it back in government hands – except that this time it is a foreign government.  Some libertarians will probably say, “So what?  Ownership per se doesn’t matter.” but I think in this case it does because we are not playing by the same rules.  There is not a cat in hell’s chance that a UK company would ever be allowed to take a controlling stake in French electricity generation, EU or no EU.   Certainly the public is not impressed as the BBC’s ‘Have Your Say’ discovered (click on the ‘Readers Recommended’ tab for the majority view).  I’m with the crowd on this one.

There should be recriprocity; acquisitions here should be allowed only if they would have been allowed the other way round.  That’s fair and transparent.

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One response to this post.

  1. My principal concern here, is that energy is one of the core things we need as a peoples to survive. We are now at the mercy of other countries for our gas, our oil and now our nuclear energy. I a not a fan of nationalisation, but, where it comes to essential commodities such as energy, I would waive my objections. Once again, this is soemthing else this government has done, where we shall all be paying the price at a later stage.

    Reply

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