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.

Show Hide image

Work with us: Wellcome Scholarship at the New Statesman

Be one of our 2016 science interns.

Britain needs more great science writers – particularly from backgrounds which have been traditionally under-represented in the media.

To address this, the New Statesman and Wellcome Trust, in partnership with Creative Access, have come together to offer annual placements to student or graduates from an ethnic minority background*.

The final 2016 placement will take place this Autumn/Winter (the exact date is flexible) and will last for four weeks.

Over the course of the placement, the successful applicants will:

  • Work alongside the New Statesman web and magazine team, learning about the editorial and production process, and how articles are conceived, written, edited and laid out;
  • Undertake a data-driven journalism research project on a scientific topic, which will be published on the New Statesman website
  • Visit Parliament and learn about how science-based legislation is developed and debated in the select committee system
  • Have an opportunity to interview a leading scientist or policy-maker
  • Write a regular bylined science blog on the New Statesman website
  • Receive regular feedback and editing from the editorial team
  • Meet journalists at other titles in the sector (previous Wellcome Scholars have met writers for the Atlantic, and presenters for the BBC)

Over the course of the placement, you will be paid London living wage.

To apply for the placement, follow the steps below and apply direct to the New Statesman. 

Please write an 800-word blogpost on a recent or upcoming scientific development which you feel has the potential to change lives significantly, explaining clearly and concisely what stage the research is at, and how it is likely to proceed. It should be written as if for the NS audience - interested, intelligent laypeople.

Please also write up to 200 words on why you are right for this placement and what you would hope to get out of it. You don't need to send a CV.

Please only use Word files, or paste your text into the body of an email. 

Send your application by email to Helen Lewis (Helen @ newstatesman co uk) with the subject line “Wellcome Scholarship 2016”. 

Applications close on 30 September 2016. Interviews will take place soon after.

This is a positive action scheme under the Race Relations Act.