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Monday, 29th November 2004 (4115 views)

Chancellor Gordon Brown has come under criticism this week for selling off Britain's gold reserves before prices rocketed.<BR/><BR/>According to the Telegraph, the action by the chancellor has cost British taxpayers nearly £1.5 billion.<BR/><BR/>Mr Brown sold half of Britain's bullion reserves - 395 tonnes of gold and raised £2.3 billion for the Exchequer.<BR/><BR/>However, at the time of the sale, gold prices were at a low and Mr Brown could have waited and raised just over £3.77 billion.<BR/><BR/>Some have claimed the sale was overriding objections from senior Bank of England figures and was based more on political rather than economic factors.<BR/> <BR/>Shadow chancellor Oliver Letwin has called on Mr Brown to provide the public with an explanation.<BR/><BR/>Treasury officials have claimed that there are no plans to sell off any further reserves.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7191776"/>

 

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