Keir Starmer's appointment of Gordon Brown as his Special Reviewer on Global Finance and Cooperation has sparked a fresh crisis, as a new report reveals the potential economic fallout. The report, produced by FACTS4EU, Stand for our Sovereignty, and The Campaign for an Independent Britain, highlights Brown's controversial actions and their impact on Britain's economy.
A Troubling History
Gordon Brown, the former Prime Minister, has a history of questionable financial decisions. One of the most damning examples is his role in the sale of UK gold reserves in May 1999. At the time, the price of gold was at its lowest in two decades, and Brown, acting on behalf of the Treasury, decided to sell a portion of the reserves. The report estimates that if the same amount of gold were sold today, it would be worth a staggering £43.5 billion. This decision cost the UK billions in potential future gains.
The RBS Crisis
Brown's influence extended to the Royal Bank of Scotland (RBS) crisis as well. As a supporter of the bank's massive expansion, including its acquisition of ABN Amro, Brown's endorsement played a significant role in the bank's collapse. The taxpayer ended up footing the bill, with the UK government and HM Treasury taking a 58% stake in RBS, amounting to a loss of £10.5 billion.
Black Wednesday and Beyond
The report also delves into Brown's advocacy for the EU's Exchange Rate Mechanism (ERM). His support for the UK's entry into the ERM, despite the risks, led to 'Black Wednesday' in 1992. The UK was forced to leave the ERM, resulting in a £3.3 billion loss for the UK Treasury. Lord Redwood, a former Conservative minister, criticizes Brown's actions, arguing that they imposed significant EU losses on the UK.
Starmer's Dilemma
Keir Starmer's appointment of Brown has raised eyebrows among MPs. The anonymous Labour MP's comment, 'It's a joke,' reflects the skepticism surrounding Brown's expertise. With Brown's track record of costly decisions, Starmer finds himself in a challenging position, as the report's revelations could have significant political implications.
Conclusion
This crisis highlights the potential consequences of political appointments, especially when individuals with questionable financial judgment are involved. As Starmer navigates this turmoil, the public awaits his response and the potential impact on Britain's economic future.
