If Sir Keir needs a financial advisor, why pick one who cost the country tens of billions?

Our exclusive revelations about Gordon Brown call PM’s judgement into question… for last time?

Montage © Facts4EU.Org 2026

In office, Brown lost us £50 bn, out of office he backed a disastrous EU scheme that plunged us into recession

With Sir Keir’s flailing record, how can bringing back a dinosaur with a decidedly dubious track record which includes losing over £50 bn of taxpayers’ money on EU-related projects possibly rescue his Premiership, and – more importantly – make our lives better?

The three facts we reveal about Gordon Brown in this report for the first time in quantified form – exclusively to GB News – are deeply shocking. After reading about these three disastrous episodes in which Mr Brown was deeply involved, the news that this man is now our Prime Minister’s financial advisor should fill us all with dread.

The following research was produced by Facts4EU in collaboration with Stand for Our Sovereignty and The Campaign for an Independent Britain (CIBUK.Org).

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A former Conservative Minister, the Rt Hon the Lord Redwood, had his own disparaging comment about Mr Brown:

“Gordon will be a very useful investment adviser as long as Keir remembers to do the opposite. Infallibly wrong.”

– Lord Redwood, speaking to Facts4EU and GB News, 20 May 2026

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1. Gordon Brown’s “golden touch”

On 07 May 1999, the price of gold stood at US$282.40 per oz. This was the lowest it had been for 20 years. On that day, on the instructions of Gordon Brown, HM Treasury announced its intentions to sell part of the UK’s gold reserves – at the bottom of the market..

Unsurprisingly, dealers started ‘shorting’ gold, resulting in the price falling further and the dealers making a lot of money. As a result, the UK sold at an even lower price than existed at the time of the announcement.

Here is what happened

On 15 May 2026 when Facts4EU started work on this report, the price of gold was $4,624.39 per troy oz. Today, the bullion Gordon Brown sold would be worth £40.9 billion more than he sold it for.

Facts4EU has researched the results of all 17 auctions. Between July 1999 and March 2002 the Bank of England, acting for HMT, sold a total of 12,712,000 troy oz of gold. The average price achieved was just under US$275 per troy ounce, raising only c. £2.3 billion GBP (US$3.5 bn).

As for the £2.3 billion proceeds from the sales, Mr Brown used around 40% to buy euro-denominated assets to show the EEC his support for their new euro. He was an advocate of the currency but he could scarcely have thought of a more costly way to show this. The Midas touch, this was not.

2. Mr Brown the Bank Manager and Share Dealer

Having clearly enjoyed his time as a gold bullion trader, some years later Gordon Brown became a banker. Whilst this was as a result of the banking crisis as a whole, Mr Brown had been a backer of the massive expansion of the Royal Bank of Scotland (RBS) which caused a very British problem.

RBS had made a huge EU acquisition of ABN Amro, which greatly overstretched its management and balance sheet, leading to its collapse. Scotsman Gordon Brown had supported this takeover, which created in effect a mega-bank with its HQ in Scotland, much to his liking.

On its collapse, the taxpayer, via the UK Government and HM Treasury, became the majority shareholder of RBS in November 2008, taking a 58% stake. By December 2009 Mr Brown had taken the country’s total ownership of RBS to a whopping 84.4%. This cost the taxpayer a cool £45.5 billion in total.

The losses – It fell to Rachel Reeves to announce them

It wasn’t until the summer of 2015 that the Government could start offloading some of these shares onto the private sector. It took 10 years (until 30 May last year, 2025) before HMT could announce it no longer held any voting shares in the Company.

The country lost £10.5 bn on selling the shares, and questions were raised about Mr Brown paying too much for the rescue.

Rachel Reeves’ press release

We know the full amount of the losses incurred because the current Government finally admitted to them on 30 May last year in a press release.

In short, the Government of Sir Keir Starmer confirmed the overall net loss on this episode was £10.5bn, which the taxpayer will never see back.

3. Finally, the losses on the European Exchange Rate Mechanism

Gordon Brown’s third expensive period for the taxpayer was when he was the keen advocate for the UK entering the EU’s Exchange Rate Mechanism (ERM).

This was created in 1979 and laid the foundation for the later Economic and Monetary Union (EMU) and the Euro. The UK joined the ERM in 1990 (and left in 1992) but obtained an opt-out from joining EMU in return for agreeing to the next major Treaty amendment, the Maastricht Treaty, in 1991. Readers will recall it was Maastricht that created the European Union (EU).

Whilst he was not Chancellor at the time the UK joined, Mr Brown had acted as its cheerleader and set the scene for ‘Black Wednesday’. The consequences are confirmed on Parliament’s website.

“After a flood of selling the pound on foreign stock exchanges, Britain was forced to leave the ERM in 1992, less than two years after joining. This day became known as ‘Black Wednesday’, costing the UK Treasury £3.3 billion.”

– Official UK Parliament website summary, last updated Apr 2013

The figure of £3.3bn is considered to be very understated by many commentators. This once again indicates the quality of advice today’s PM is likely to receive.

IN CONCLUSION:

[ Sources: See above ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, Thurs 21 May 2026

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