GDP is 3.1% below where it was when the recession began 18 quarters ago in early 2008.

In the United Kingdom, total debt has risen continuously since the 2008 financial crisis. In mid-2011, total UK debt stood at 507 percent of GDP, up from 487 percent at the end of 2008 and 310 percent before the bubble (Exhibit 10). In 17 auctions, Mr Brown as Chancellor of the Exchequer sanctioned the sale of 395 tonnes of gold. Figures released by the Treasury show that the total proceeds from the sales was around $3.5billion. The price of gold has quadrupled since Gordon Brown sold more than half of Britains reserves. The Treasury pre-announced its plans to sell 395 tons of the 715 tons held by the Bank of England, which caused prices to fall. The bullion was sold in 17 auctions between 1999 and 2002, with dealers paying between $256 and $296 an ounce. Since then, the price has increased rapidly. Yesterday, it stood at $1,100 an ounce. The taxpayer lost an estimated 7 billion, twice the amount lost when Britain left the Exchange Rate Mechanism in 1992. The proceeds from the sales were invested in dollars, euros and yen. In recent years, most other countries have begun buying gold again in large quantities.

UK gilt market is at a 300-year high