LabourGordon Brown's decision to sell half of the UK's gold reserves 'cost UK ?5billion'
Gordon Brown's decision to sell off part of the country's gold reserves 10 years ago cost the public purse nearly ?5billion, official figures show.
By Christopher Hope, Whitehall Editor
Published: 7:01PM GMT 07 Jan 2009
Gordon Brown's decision to sell off half the UK's gold reserves cost ?5 billion Photo: REUTERS The sale of more than half of the country's gold reserves between 1999 and 2002 has proved to be deeply controversial.
Critics say that signalling such a large sale of bullion to gold traders helped to drive the precious metal to a 20-year low.
In 17 auctions, Mr Brown as Chancellor of the Exchequer sanctioned the sale of 395 tonnes of gold.
Figures released by the Treasury show that the total proceeds from the sales was around $3.5billion. According to a Parliamentary answer, if the gold was sold last month, on December 15, it would have raised $10.5billion.
This is from Todays Telegraph.
Mr WW will no doubt say it is a lie and a Tory Paper.
GORMLESS GORDON has lost us 7,000,000,000 US DOLLARS
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