TUC slams Eurostar sell-off

Commenting on today’s (Monday) announcement that the government is to sell off its 40 per cent stake in Eurostar, TUC General Secretary Frances O’Grady said:

“Eurostar has thrived under public ownership, returning millions in profits each year to the Treasury. However, now it too has become a victim of the government’s ‘private works best’ market dogma.  

“Privatisation has been a disaster for the UK’s railways. Train firms rely upon public subsidies to turn a profit, virtually all of which ends up in shareholders’ pockets, rather than being re-invested back into the network.

“By choosing to ignore this evidence ministers are once again putting the interests of private companies and shareholders before those of passengers and taxpayers.”

NOTES TO EDITORS:

- All TUC press releases can be found at www.tuc.org.uk

- Follow the TUC on Twitter: @tucnews

- On Saturday 18 October the TUC is organising Britain Needs a Pay Rise – a national march and rally in London to call for an economic recovery that delivers for everyone, and for fair wages to help end the living standards squeeze. For more information on the campaign go to www.tuc.org.uk/economic-issues/britain-needs-pay-rise