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Gordon Brown served as Chancellor of the Exchequer of the United Kingdom from 2 May 1997 to 27 June 2007. His tenure was marked by major reform of Britain's monetary and fiscal policy architecture, transferring interest rate setting powers to the Bank of England, by a wide extension of the powers of the Treasury to cover much domestic policy and by transferring responsibility for banking ...
The UK government's intention to sell gold and reinvest the proceeds in foreign currency deposits, including euros, was announced on 7 May 1999, when the price of gold stood at US$282.40 per ounce [9] (cf. the price in 1980: $850/oz [10]) The official stated reason for this sale was to diversify the assets of the UK's reserves away from gold, which was deemed to be too volatile.
Brown's time as chancellor was marked by major reform of Britain's monetary and fiscal policy architecture, transferring interest rate setting to the Bank of England, extension of powers of the Treasury to cover much domestic policy and transferring banking supervision to the Financial Services Authority. Brown presided over the longest period ...
The gold reserve of the United Kingdom is the amount of gold kept by Bank of England as a store of value of part of the United Kingdom's wealth. Leftover from the Gold Standard which the country abandoned in 1931, it is the 17th largest central bank reserve in the world with 310.29 tonnes of gold bars.
Gordon Brown, who became chancellor when Labour came into Government in 1997, had a large personal power base in the party. Perhaps as a result, Tony Blair chose to keep him in the same position throughout his ten years as prime minister; making Brown an unusually dominant figure and the longest-serving chancellor since the Reform Act of 1832. [8]
Brown had attracted international praise for his actions in the wake of the financial crisis of 2007–2008 and the subsequent bank rescue package in 2008.The first line of an opinion piece by economist Paul Krugman published in The New York Times on 12 October 2008 was "Has Gordon Brown, the British prime minister, saved the world financial system?"
Dyson, Stephen Benedict. "Gordon Brown, Alistair Darling, and the great financial crisis: Leadership traits and policy responses." British Politics 13.2 (2018): 121–145. Foley, Michael. "Gordon Brown and the role of compounded crisis in the pathology of leadership decline." British Politics 4.4 (2009): 498–513. Heppell, Timothy.
Brown's much-anticipated memoir was published on 7 November 2017. In a Waterstones interview a few days after its launch, journalist Robert Peston put forward the idea that Gordon Brown was in many ways an underrated politician and an underrated Chancellor. Brown was subsequently approached by Waterstones and interviewed, where he explained how ...