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Gordon Brown's decision to sell Britain's gold looks ever more disastrous
By Philip Pilkington
The Telegraph, London
Thursday, May 2, 2024
According to the latest estimates, taxpayers will be on the hook to cover L85 billion in losses stemming from the unwinding of the Bank of England's quantitative easing (QE) policy. The scheme is set to lose about L20bn a year until the early 2030s -- a yearly figure worth more than a third of our current defence budget.
And these estimates may, if anything, be too optimistic. Until very recently, it was widely assumed that the Federal Reserve would lower interest rates in the United States in the run-up to the election. The Bank was no doubt hoping that it could follow suit.
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But inflation seems to be sticking around and it is widely anticipated that the Fed will now maintain interest rates where they are. If interest rates are kept high for a longer period -- or worse if they must rise again due to an uptick in inflation -- it will mean even heavier losses for the taxpayer to fund.
Meanwhile, as the BoE frets over the consequences of its funny money programme, other countries are bolstering their gold reserves. The Chinese central bank, the Peoples' Bank of China, is now in its 17th straight month of rapacious gold-buying. Chinese gold reserves have risen from roughly 1,950 tonnes in the third quarter of 2022 to 2,260 tonnes today -- an increase of 14%. ...
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