Chair's statement on the sale of Eurostar
6 November 2015
A statement from Meg Hillier MP, Chair of the Committee of Public Accounts:
"The government's focus in selling its stake in Eurostar appears to have been on short term cash rather than long term value for taxpayers.
The sale raised over £757 million for the UK taxpayer, but the original investment had been £3bn. The proceeds generated were £2.2 billion less than the taxpayers' investment.
The short term gain was at the cost of long term benefits for the taxpayer.
Once sold, the family silver can't be bought back.
Had it kept its share, the government was forecast to pay off over £500 million of national debt over the next ten years using dividends from its 40% share in Eurostar, and receive a further £243 million in dividends from its preference share."