Chancellor Gordon Brown is to sell nuclear power group British Energy (BE) and the Tote bookmakers in a bid to raise billions of pounds from State-owned assets.

It is estimated that the Government’s stake in BE is worth up to £10bn and the sale of the Tote by the end of next year could raise a further £500m. Revenues from the sales will help fund Brown’s Budget spending plans.

“They used to talk about selling off the family silver when it came to State assets in Maggie Thatcher’s day,” said City analyst Colin Perry, “but this is the policy of a Labour Chancellor and he’s basically flogging off our assets.”