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Thursday, March 25, 2010

Explain why you sold Britain's gold, Gordon Brown told http://www.telegraph.co.uk/finance/personalfinance/investing/gold/7511589/Explain-why-you-sold-Britains-gold-Gordon-Brown-told.html

British prime minister Gordon Brown has been ordered to release information before the general election about his controversial decision to sell Britain's gold reserves. Brown pushed ahead with dumping Britain's gold despite serious misgivings at the Bank of England. The decision to sell the gold – taken by Brown when he was Chancellor of the Exchequer– is regarded as one of the Treasury's worst financial mistakes and cost UK taxpayers almost $10 billion.

Following a series of freedom of information requests from the UK Telegraph, the Information Commissioner has ordered the Treasury to publish the information demanded by the end of April. George Osborne, the shadow chancellor, said: "Gordon Brown's decision to sell off our gold reserves …was one of the worst economic judgements ever made by a chancellor.” Between 1999 and 2002, Brown ordered the sale of 400 tons of gold reserves when the price was at a 20-year low. Since then, the price has quadrupled.

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