The Queen takes a swipe at Gordon Brown over gold sale

George Osborne was amused as the Queen said that "regrettably" the UK's gold bars "don't belong to us".

Unlike Prince Charles, the Queen usually avoids making political interventions, but she lapsed while visiting the cabinet today. Walking along the line of ministers inside No. 10, she reached George Osborne (see video above) and, in a reference to her recent visit to the Bank of England, remarked, "I saw all the gold bars, which regrettably somebody said don't belong to us."

An amused Osborne replied: "Some of them were sold, but we've still got some left." The politically-minded Chancellor resisted the temptation to add "sold by Gordon Brown". Between 1999 and 2002, Brown sold 60 per cent of the UK's gold reserves (395 tonnes) for an average of $275.6 an ounce, only to see prices subsequently rise to above $1,600 (£986).

In 2010, Osborne declared: "Gordon Brown's decision to sell off our gold reserves at the bottom of the market cost the British taxpayer billions of pounds. It was one of the worst economic judgements ever made by a chancellor." At a time when his own strategy has failed dramatically, Osborne will no doubt be pleased to discover that the Queen appears to agree.

The Queen sits next to David Cameron as she attends the government's weekly cabinet meeting. Photograph: Getty Images.

George Eaton is political editor of the New Statesman.

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Barack Obama throws a Reaganesque baton of hope to Hillary Clinton

The 44th President's speech backing Clinton was also his swan song. 

Barack Obama looked at ease as he stepped up to praise Hillary Clinton and endorse her as the Democratic Presidential nominee.

To an upbeat soundtrack by U2 and cheers of his 2008 campaign slogan, "yes we can", he took to the podium at the Democratic convention. 

Borrowing the sunny optimism once so skilfully deployed by Republicans, Obama struck back against Republican nominee Donald Trump's "deeply pessimistic vision" of the United States.

He declared: "The America I know is full of courage and optimism and ingenuity. The America I know is decent and generous."

Like his wife Michelle, Obama painted Clinton as a grafter who wasn't in it for the fame. 

He praised her campaign when they were rivals for the Democratic nomination in 2008, and said that when she served as a member of his team he had "a front-row seat" to her intelligence, judgement and discipline. 

He declared: "I can say with confidence there has never been a man or a woman, not me, not Bill, nobody more qualified than Hillary Clinton to serve as president of the United States of America."

He then joked to Bill Clinton, the former President, who was standing applausing: "I hope you don't mind, Bill, but I was just telling the truth, man."

The two-terms President continually urged Democratic voters, many of whom originally backed Bernie Sanders, to get out and vote. "Democracy isn't a spectator sport," he said.

But while Obama was there to add some sparkle to the Clinton campaign, it was also an opportunity to shape his legacy. 

Commentators have often compared Obama to the popular Democratic President John F Kennedy, or the less popular but idealistic Jimmy Carter. 

Obama, though, has in the past praised the Republican President Ronald Reagan for changing the trajectory of US politics. 

In his speech, he borrowed from the "eternal optimist" to compare the Democrats with the Republicans. 

He said: "Ronald Reagan called America "a shining city on a hill." Donald Trump calls it "a divided crime scene" that only he can fix.

"It doesn't matter to him that illegal immigration and the crime rate are as low as they've been in decades, because he's not actually offering any real solutions to those issues. He's just offering slogans, and he's offering fear. He's betting that if he scares enough people, he might score just enough votes to win this election."

Obama praised a diverse country, where immigrant cultures combined: "That is America. That is America. Those bonds of affection, that common creed. We don't fear the future; we shape it, embrace it, as one people, stronger together than we are on our own."

The 44th President bowed out by referring to his 2008 campaign of hope, and telling voters "America, you have vindicated that hope". And he thanked them "for this incredible journey":

"I'm ready to pass the baton and do my part as a private citizen. So this year, in this election, I'm asking you to join me, to reject cynicism and reject fear and to summon what is best in us; to elect Hillary Clinton as the next president of the United States."

There is no doubt that Obama's warm audience was ready to pick up that baton and pass it on. Whether the wider country will be warmed up enough by his Reagan rhetoric remains to be seen. 

You can read the full speech here