Support 100 years of independent journalism.

  1. Business
  2. Economics
18 December 2012

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".

By George Eaton

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.

Sign up for The New Statesman’s newsletters Tick the boxes of the newsletters you would like to receive. A weekly newsletter helping you fit together the pieces of the global economic slowdown. Quick and essential guide to domestic and global politics from the New Statesman's politics team. The New Statesman’s global affairs newsletter, every Monday and Friday. The best of the New Statesman, delivered to your inbox every weekday morning. The New Statesman’s weekly environment email on the politics, business and culture of the climate and nature crises - in your inbox every Thursday. Our weekly culture newsletter – from books and art to pop culture and memes – sent every Friday. A weekly round-up of some of the best articles featured in the most recent issue of the New Statesman, sent each Saturday. A newsletter showcasing the finest writing from the ideas section and the NS archive, covering political ideas, philosophy, criticism and intellectual history - sent every Wednesday. Sign up to receive information regarding NS events, subscription offers & product updates.

Content from our partners
Railways must adapt to how we live now
“I learn something new on every trip"
How data can help revive our high streets in the age of online shopping