Brown’s bullion balls up
Gold sales “lost” £4.7 billion
The excuses given today for the preposterous sale of Britain’s gold reserves when Gordon Brown became Chancellor of the Exchequer are truly laughable, I’d be in tears if it weren’t so serious.
Treasury minister Ian Pearson attempted to defend the gold sale. He said: “The gold sales between July 1999 and March 2002 reflected a prudent decision to reduce over-exposure to a single asset in the net reserves portfolio.”
Load of gold plated bullion bollocks! The truth is Brown wanted to spend shed loads of cash during Labour’s first term in office and he needed fast methods to convert assets into money, hence the selling of the gold reserves and the raiding of private pensions with a quick tax swipe which some will never recover from.
The £4.7 billion that he lost could easily have financed the sort of tax cuts that might just have helped us out as the recession bites. If you were looking for a better example of financial and economic incompetence you’d be hard pushed!
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