Search results
Results from the WOW.Com Content Network
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 ...
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]
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.
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 ...
Discover the latest breaking news in the U.S. and around the world — politics, weather, entertainment, lifestyle, finance, sports and much more.
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.
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!