A very costly decision

Back in 1999, our then chancellor, Ol' Golden Brown, no less, took the unprecedented decision to unload a large proportion of the UK's gold reserves at a time when the price of gold was at the bottom of the market. Dealers still term that price as the "Brown Bottom". (Full story in The Times).

At the time, there was much concern, and many forecasts that it would cost the UK dear. "The 17 auctions achieved prices for the gold of between $256 and $296 an ounce, with an average of $275." The total loss, back in April this year was estimated at some £2 Billion. (It would have been considerably more had not the Euros purchased with much of the proceeds not appreciated in value.)

Well, the price of gold now stands at a record $872.10 per ounce. That means that our PM is directly responsible for a loss to the UK of some £3 Billion+.

Now if I (or anyone else for that matter) had taken such an appalling decision and lost such an immense amount in business I'd have been sacked on the spot. It just goes to prove that there is no such thing as accountability in politics nowadays.

ADDENDUM - Brown's big hitter - When in the mire, don't whatever happens try and sort it out. Hire a better person to explain why it isn't.

ADDENDUM 2 - Unhappy new year to you all!