Ministers are to examine the potential sale of tens of billions of pounds of real estate assets to generate cash to repair Britain’s battered public finances.
The Government has begun a process to recruit experienced property executives to manage about £35bn worth of assets. The new team will help establish a new wing of the Shareholder Executive, which is likely to be called the Property Executive.
The move to establish the new division is understood to have been approved by Yvette Cooper in one of her final acts as Chief Secretary to the Treasury. In last Friday’s Cabinet reshuffle, Ms Cooper was appointed secretary of state at the Department for Work and Pensions. She was replaced as number two at the Treasury by Liam Byrne, a former investment banker at Rothschild.