Thursday, April 1, 2010
The sale of Britain’s gold
An email released under freedom of information laws shows that in December 1998 senior officials at the Bank refused to back a Treasury move to sell almost 400 million tons of gold. Hundreds of pages of documents thought to detail the Bank's concerns and advice to the chancellor have been withheld by the Treasury. Gordon Brown was chancellor at the time. The decision to sell the gold has since been described as one of the worst ever taken by the Treasury, costing the country about Â£7 billion due to a sharp rise in the price of bullion. The Treasury has declassified only limited information on the sale and refused to release most of the key documents. Some pages have been heavily censored.