accysimon, did you even bother to read my post!!!! let me reiterate it for you.
Gordon Brown as Chancellor did:
Quote:
Freed the Bank of England to set interest rates, but stopped it from regulating the financial sector, which ultimately contributed to the banking crisis.
May 1999 – sold 395 tonnes of the Bank of England’s gold reserves at $275.6 an ounce, the lowest price in two decades. Price today - $1,114 an ounce. Total loss to the economy - £7.9billion.
Encouraged a hands-off approach to the City and banks, leading to profligacy and risk-taking and ultimately to the meltdown in the banking sector. When Brown became Chancellor the national debt was £400 billion having taken a little over 300 years to reach that amount. The Office of National Statistics forecast for the national debt in 2010 is £2.1 trillion.
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and I am meant to be grateful for that!!!!!
Rose tinted glasses.