Brown's gold sale cost UK £2bn
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Independent Minds
Gordon Brown was accused last night of disregarding advice from the Bank of England before he sold more than half the country's gold reserves at a time when the market was at a 20-year low.
Bank officials had misgivings about Mr Brown's decision to sell 400 tons of bullion in a series of auctions between 1999 and 2002, according to The Sunday Times.
The decision cost the taxpayer around £2bn because, since then, the price of gold has almost trebled. At a meeting with senior gold traders, Bank officials were warned the sale would achieve a poor price. The Bank said the decision to sell the gold was taken by the Treasury.
The Treasury said last night the Bank "recommended auction as the best method to achieve... fairness and value for money".
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