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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.
The gold reserve of the United Kingdom is the amount of gold kept by ... By the end of 2002, UK gold reserves dropped to 355.25 tonnes while at the same time the ...
Controversial moves included the abolition of advance corporation tax (ACT) relief in his first budget, [3] [4] the sale of UK gold reserves from 1999 to 2002, and the removal in his final budget of the 10% starting rate of income tax which he had introduced in the 1999 budget. [5] Brown's tenure as chancellor set several records.
Between 1999 and 2002 Brown sold 60% of the UK's gold reserves shortly before gold entered a protracted bull market, since nicknamed by dealers as the Brown Bottom or Brown's Bottom. [69] [70] [71] The official reason for selling the gold reserves was to reduce the portfolio risk of the UK's reserves by diversifying away from gold. [72]
Gold State Coach; S. 1999–2002 sale of United Kingdom gold reserves; Sharps Pixley This page was last edited on 18 July 2023, at 18:40 (UTC). Text ...
The five economic tests were the criteria defined by the UK treasury under Gordon Brown that were to be used to assess the UK's readiness to join the Economic and Monetary Union of the European Union (EMU), and so adopt the euro as its official currency.
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In comparison with Tony Blair's last Cabinet, Brown retained seventeen ministers including himself.. Alistair Darling replaced Brown as Chancellor of the Exchequer while his portfolio at Trade and Industry was renamed Business, Enterprise and Regulatory Reform and given to John Hutton.