Bank of England Statement - Money Matters

Day 447, 04:14 • Published in United Kingdom United Kingdom • by Bank of England

Firstly I would like to introduce myself as the new Chancellor of the Exchequer. To all those that haven’t read Final Destiny’s article (link) my name is roadrunnerspeed and I have been working with the previous Chancellor (Hassan Pesaran) over the past month to help the economy. I have now stepped up to the position of Chancellor and look forward to keeping you up to date with current issues and the BoE’s standing.

The first order of business is to announce the currency benchmarks. They are as follows:

1 GBP = 0.027 GOLD
1 GOLD = 38.5 GBP

This see’s a 0.5 GBP (1.3😵 increase in the value of gold. This now means that there is 3.95% advantage in selling GOLD rather than buying GBP. The reason that this stance has been taken is to encourage the sale of GOLD on the market place. However before any of you rush to take off your GBP offers and buy GOLD, remember, if you buy GOLD you will get less than if you are selling GBP, so it does pay to sell GBP.

This increase also means that the price of goods within the eUK will effectively become cheaper.
e.g. (based on the benchmarks)

Before the increase:
Q5 house costs (3000 GBP) - 78.95 GOLD
After the increase:
Q5 house costs (3000 GBP) – 77.92 GOLD

However, as with all things there is a good and a bad side. The value of goods becoming cheaper is one of the benefits of this increase however the increase also means that the value of your pay becomes less. This isn’t a big difference and in fact you won’t notice this as the market has been operating around the 1 GOLD = 38.5 GBP level for quite a while.


The second order of business is general information. One of the main things that I seem to get asked is “can I have money?”. The simple answer is no. Unless you have government approval you will not get any money.

If you are a small business or thinking of starting a business, but require a loan, then please contact:

For GOL😨 Ministry of Trade
For GBP: Small Business Association (or fill out this form)

The eUK forums are a vital source of information and an excellent point of contact. If you have not done so already then please sign up to the eUK forums – (link)

Finally if you would like to keep up to date with benchmarks and plans that the BoE are carrying out then please subscribe to this newspaper. (This month is set to be an interesting one economically and you wouldn’t want to miss out on anything that affects you.)

If you have any questions that have not been answered in this then please feel free to send me a message.

Signed

Chancellor of the Exchequer