Labour is lining up a portfolio of publicly owned real estate in London for privatisation ahead of the general election, the party revealed yesterday.

Bars, restaurants and conference centres in central locations are among “non-essential government buildings” that would be put on the market.

The QE2 conference centre, Marlborough House, the Civil Service Club and the Inn the Park restaurant in St James’s park are all earmarked for sale.

Labour believes the assets could raise £100 million and say they would use the cash to bring down the deficit “in a fairer way.”

“A future Labour government will examine whether it would provide a better deal for taxpayers if the properties were sold off and the proceeds used to pay down Britain’s national debt,” said shadow chief Treasury secretary Chris Leslie.

Critics said that the amount would make a minuscule dent in the national debt while depriving taxpayers of long-term income.