Monday, 29th November 2004 (3026 views)

Chancellor Gordon Brown has come under criticism this week for selling off Britain's gold reserves before prices rocketed.

According to the Telegraph, the action by the chancellor has cost British taxpayers nearly £1.5 billion.

Mr Brown sold half of Britain's bullion reserves - 395 tonnes of gold and raised £2.3 billion for the Exchequer.

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.

Some have claimed the sale was overriding objections from senior Bank of England figures and was based more on political rather than economic factors.

Shadow chancellor Oliver Letwin has called on Mr Brown to provide the public with an explanation.

Treasury officials have claimed that there are no plans to sell off any further reserves.

 

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