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Why did Gordon Brown flog our gold?

BBC Radio 5 Live

Wake Up To Money

Gold bars
Getty Images

Today marks the 20th Anniversary of then-Chancellor Gordon Brown flogging off half of the UK's gold reserves.

Laurie Lambie of Investec spoke about the event on today's Wake Up To Money.

She pointed out: "He was one of a number of Chancellors around the world who decided it was a good idea to sell-off gold and the basis of that was rather than use it as collateral, you could tweak policy by using interest rates to do that.

"The other thing you have to think about is what did he do with the money that he got for the gold?

"That went into bonds and currency so you have to weigh up the cost benefit of that."