CHANCELLOR FAILS TO DO SUMS ON ENERGY

Angus MP Mike Weir, SNP Westminster Spokesperson on Energy, has today (Wednesday) accused the Chancellor of indulging in "voodoo economics" by announcing the proposal to sell the Government's stake in British Energy "without having the faintest idea how much it will raise."

Mr Brown announced in his budget that following the Energy Review he proposed to sell the government's stake in British Energy.

Mr Weir immediately lodged a series of parliamentary questions to ascertain the value of that share and whether the value depended on the government agreeing to a new generation of nuclear power stations.

In response the Chancellor has stated that the questions are "more appropriate to the Secretary of State for Trade and Industry".

Commenting on the response, Mr Weir said that it was clear the Chancellor did not know if the stake had any value.

Mr Weir said:

"It is quite incredible that Gordon Brown seems to be indulging in voodoo economics by announcing the proposed sale without having the faintest idea of how much it will raise.

"Worse still any value is almost certainly dependent on future nuclear development. The reason the government has a stake is because it was forced to bail out the company when it was on the verge of collapse. If there is no future nuclear development it is not clear whether the current entity would be worth much on the open market.

"The Chancellor has either let the cat out of the bag on the outcome of the Energy Review or he is simply making up his economic policy as he goes along, without bothering to do his sums."