politics
Report Examines Former Official's Role in Past UK Financial Decisions
A new report details decisions made by a former UK finance official in the late 1990s and 2000s. The analysis covers gold sales, bank support, and currency policy.
May 20, 7:01 PM·1m read1 source
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A report released to GB News examines actions taken by a former UK finance official during periods of economic decision-making. The document was prepared by FACTS4EU in collaboration with Stand for our Sovereignty and The Campaign for an Independent Britain.
The report states that in May 1999 the price of gold stood at $282.40 per ounce. It says the Treasury announced plans to sell part of the UK's gold reserves at that time. According to the report, the same quantity of gold would have been valued at £43.5 billion on May 15 this year.
The analysis also links the official to support for a bank acquisition that contributed to later costs.
The report finds that the official backed an acquisition by the Royal Bank of Scotland of ABN Amro. After the bank's collapse, the UK government took an 84.4 per cent stake by December 2009. The total cost to the taxpayer reached £45.5 billion. The report attributes part of this outcome to earlier policy positions.
The report notes the official's support for the UK's participation in the European Exchange Rate Mechanism. Britain joined the mechanism in 1990 and left in 1992. Government records cited in the report describe the period as one that produced inflation, losses, and recession. The analysis presents these events as part of a longer record of financial decisions.
