As Chancellor, he sold 400 tons of gold between 1999 and 2001, raising £2.3billion to fund his lavish spending plans.

This week, as bullion drew near a 28-year high price, experts calculated the loss to the Treasury resulting from his decision at £3.1billion.[>

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The massive shortfall is only £2million less than £3.3billion lost under John Major during Black Wednesday in 1992.[>