he would just sell off the remaining 50% of the gold reserves.
I thought he sold way more than 50% of our gold...
"The story starts on May 7, 1999. For all but the most eagle-eyed financial experts, it seemed like another dull Friday in parliament. The Treasury, however, hoped it would be the perfect moment to bury news that it was to launch an unprecedented sale of Britain’s gold reserves.
The news was slipped out by Patricia Hewitt, then a junior Treasury minister, in answer toa written parliamentary question placed by a Labour backbencher. “Today we are announcing a restructuring of the UK’s reserve holdings to achieve a better balance in the portfolio by increasing the proportion held in currency. This will involve a programme of auctions of gold,” she said.
“The Treasury intends to sell 125 tons of gold, 3% of the total reserves, during 1999-2000, with the Bank of England conducting five auctions on the Treasury’s behalf. Auctions will be held every other month starting in July.”
The answer was later shown to be wholly misleading as the government actually planned to sell 400 tons before 2002, representing more than half the country’s gold.
Hewitt’s figure of 3% referred to “total reserves” which, apart from gold, included tens of billions that the government borrows on the international currency markets, rather than the gold reserves actually owned outright by Britain."
Found on Timesonline for refference (edit)