Financial News
- 19 December 2012, 9:58
Queen Quizzes Osborne About Sale Of UK Gold
It was meant to be a visit without any high politics but the Queen still managed to quiz the Chancellor about British gold as she visited Downing Street.
Walking along the line of ministers in the Terracotta Room inside Number 10 before sitting in on part of a Cabinet meeting, the monarch came to George Osborne.
Until that point, every minister had been introduced by Prime Minister David Cameron but he failed to announce his friend Mr Osborne.
The Queen queried "someone?", to gales of laughter from the assembled politicians, before going on to ask about "gold bars".
Some of her words are indistinct on video footage of the exchange but she can be heard saying "regrettably" in a reference to their sale.
Mr Osborne told the Queen: "Some of them were sold but we still have some left."
Gordon Brown sold more than half of the UK's gold reserves when he was chancellor - a decision that has led to major criticism in recent years as the economy floundered.
Between 1999 and 2002, Mr Brown sold almost 400 tons of the precious metal for up to $296 (£183) an ounce - only to see prices soar to above $1,600 (£986).
Sky's deputy political editor Joey Jones said the comment suggests that the financial management of the UK in the last 15-20 years is on the monarch's mind.
It comes days after she told staff at the Bank of England that people "had got a bit lax" during the financial crisis sparked in 2008.
Four years ago, she famously asked: "Why did nobody notice it?" - expressing the astonishment shared by many that the crash was not foreseen.
what do you think?
davenlesley
Instead of quizzing Osborne she should have Gordon Brown dragged to the palace in chains to explain why. Greatest Chancellor for years ?, don't make me laugh. He was a better PM than chancellor and that says it all
t.bulgin
Balls is the shadow chancellor, he stood by brown and advised him. Now that is scary.
Grant Berry
Oh yes couldnt agree more & yes Balls was at the scene of the crime, thats why no one takes him serious in the houses of parliment,
tyneview33
Think she knows who and why Gordon Brown sold the gold. Like many other disastrous decisiond that ther last government made which got us into this mess. Brown and Blair have a lot to answer for. Pity we've still got Ball's.
blue side
Ball's - Is that the man or stamina ?
Windows Live User
They all do something stupid. None know how to run an economy Tories have a Black Wednesday which refers to the events of 16 September 1992. George Soros, the most high profile of the currency market investors, made over US$1 billion profit from the UK that day by short selling Browns selling off of the UK gold another disaster Keep Cleggs lot away from it
Alf Bibby
A Tory on Tyneside as rare as hens teeth
t.bulgin
1 ton = 32,666.667 Troy ounces 400 x 32,666.667 = 13066666.8 ounces 13066666.8 x 183 GBP = 2,391,200,024.4 GBP (what brown made) 13066666.8 x 986 GBP = 12,883,733,464.8 GBP (what we could make now) Difference = 10,492,533,440.4 GBP How many hospitals is that ? How many public sector jobs saved ? How many more police, or paramedics ? Someone else work it out, I'm depressed now.
Alf Bibby
This comment has been removed for violations of our Terms and Conditions.
chris
I think this is how the things you mention were actually funded? It's 10 trillion that we did not have to borrow but it's only a 'one shot', when its gone its gone.
t.bulgin
Apologies if my sums are wrong (below). I'm not checking them.
Grant Berry
If it was Jon GWS the figures would have been miles higher
Name witheld
This comment has been removed for violations of our Terms and Conditions.
bjnk
Perhaps she rightly suspects he's selling it off aswell, he did say its sold.
Grant Berry
Yes maammm gordon Clown had to be a socialist (in sheep's clothing) because he was rubbish at being a capitalist. Could run a p*ss up in a brewery.
Alf Bibby
Granty Granty Granty you cabbage leaf What goes on in your head alot of echoing I bet empty spaces and all that
happymike CHESTER
With the large amount of "RATNER'S" gold knocking about the country with all the Dell boy`s medallion and huge rings Gordon Brown though we had enough.:))
B. Wise
Before Labour were re elected years ago they made many a false promise, just as this lot have done. I will never ever believe another politician. As for Blair and Brown, the dynamic duo whose legacy will never be forgotten. In my opinion they made too many decisions without properly consulting the country. Since they came to power too many lives have been lost and the country is in a complete mess. I also believe potential Members of Parliament should undergo psychological profiling before being nominated as a candidate.
happymike CHESTER
And Tories /Lib/dem`s don`t make false promises Blair/Brown carries on the previous Tory Government policies,like lemmings following the new world Bankers.
james stevenson
That is funny, I wanted to know the same!
Charles Rickards
Many decisions made are regrettable with the benefit of hindsight! However, the UK has suffered decades of political self interest under governments of all colours. I sometimes wonder if Her majesty might have done a better job of running the country herself. Unfortunately democracy means compromise. Usually in UK it means the majority lose so the minority can benefit. The time has come for government to make big decisions to benefit the majority. The only way out of the current situation is through economic prosperity, which can only be achieve by creating an attractive environment for businesses in the UK. More businesses means more jobs, which in turn means more money to spend. If there is more money, then people become more self sufficient and the need to raise tax revenues reduces.
Robbie369P .
2:20pm on 18/12/2012
It's Gawden that did it maaaaammmm, honest