The union representing Whitehall staff has attacked plans by the Treasury to increase the sale of public assets. Part of the chancellor's overhaul of the public finances included a pledge to find a £5bn in efficiency gains. This will include selling off public assets which Prospect, the union which represents 34,000 specialist staff in government service, condemned the initiative as ‘Santa Claus economics'. The union claimed the Treasury was jeopardising the provision of quality public services and warned potential buyers would be in limited numbers because of the squeeze on lending by banks. Dai Hudd, Prospect deputy general secretary, said: ‘On each occasion after thorough analysis, privatisation was rejected because the loss to British industry and the public interest outweighed a short-term gain of a few million pounds. ‘Any attempt to sell them off now would be economic madness. In the current climate the market value of these public assets will be way below their real value. It would be a case of sell in haste, repent at leisure.'