London - British Prime Minister Gordon Brown Monday announced a plan to sell off public assets worth 16 billion pounds (25 billion dollars) as part of a budget deficit reduction plan.

Assets of around 3 billion pounds are expected to be sold off over the next two years, including government ownership of the Channel Tunnel rail link, a toll bridge, a bookmaker chain and other infrastructure projects.

Brown defended the plan against criticism that the government was selling off the "family silver" in a desperate move to tackle a massive black hole in its finances.

Following huge bail-out schemes to save the banking sector last year, Britain's budget deficit rose to around 200 billion pounds - 12 per cent of Gross Domestic Product (GDP). (dpa)