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Deep under the Bank of England, in a network of vaults into which cameras are rarely admitted, sits the world’s second biggest known trove of gold.

Once upon a time the Bank’s vaults stored bullion owned by the Crown but these days they serve mostly as a repository for other central banks and private banks that want to hold on to this critical asset.

But in recent weeks fears have been raised that the vaults are slowly being emptied – leading to other fears, that the Bank is struggling to keep up with the outflow. All of which raises a somewhat ominous question: is the Bank of England running out of gold?

Well, now the governor has told Sky News that there is no shortage of gold left inside the central bank’s vaults, though he acknowledged that billions of pounds of bullion had left and been flown across the Atlantic in recent months.

The movements are a symptom of a deeper financial issue. Traders are fretting about the possibility of Donald Trump imposing tariffs on movements of precious metals into the US. The pre-emptive trades have seen a sudden sharp rise in the amount of gold held in New York, not just from London but also from elsewhere around the world.

However, repatriating gold is no simple matter. Moving it in and out of vaults takes time, not to mention security, and the gold rush has led to a shortage of logistics options. Adding to the complexity is the fact that the Bank’s vaults are not really designed to cater for large-scale inflows and outflows – so simply getting bars isn’t easy.

Last week, deputy governor Dave Ramsden said: “Gold is a physical asset. So there are real logistical constraints and security constraints. It takes time and the stuff is also quite heavy, as you know.”

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The upshot is there is a multi-week wait for anyone wanting to remove gold from the Bank, which in turn has pushed up the price of gold in London.

Talking to Sky News last week, Andrew Bailey said: “London is a very important gold market. We have seen a movement in the relative price of gold in London and New York in recent times. And that is causing some gold to be moved to New York. Not vast: it’s under 2% of our stock.

“Obviously you have to have a lot of security and a lot of insurance around moving gold. So you can’t just put it all on the back of a lorry and take it away. So it has to be planned.

“So there are constraints, because of physical constraints. But we’ve got slots for all the gold people want to move in and out.”

Asked where there was still plenty of gold left in the Bank of England, the governor said: “There’s still plenty of gold.”

Adrian Ash, director of research at precious metals marketplace BullionVault, said: “There is a shortage in London’s bullion market, but it’s a shortage of manpower and trucks. New York, in contrast, now has a glut of gold.

“This is a financial market phenomenon. It’s helped juice prices higher, but it hasn’t had any real impact on the availability of metal. And it will, most likely in due course, all come back out again.

“London remains the centre of the world’s gold trading and storage network. Short-term bottlenecks are nothing new, and they just to serve to highlight the underlying physical reality of the global gold market.

“Longer-term however, the Bank of England’s role as a custody for foreign central banks wanting to tap the London market may be dented. It’s already seen stockpiles edge lower in recent years, even amid a surge of emerging-market central bank buying, as reserves managers worry over sanctions and other political risks vis-à-vis the West versus the Rest.”

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Minister defends proposals to ban over 70s from driving if they fail new compulsory eye tests

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Minister defends proposals to ban over 70s from driving if they fail new compulsory eye tests

Wes Streeting has defended plans to make over 70s take compulsory eye tests every three years – which could see them banned from driving if they fail, it is understood.

Ministers are considering “tougher” measures to tackle road deaths and injuries in England and Wales, which they believe have “remained stubbornly high under successive Conservative governments”.

Under the new proposals, first reported by The Times, the drink-drive limit would be lowered to match the current rules in Scotland.

Currently, the drink-drive limit is 35 micrograms of alcohol per 100 millilitres of breath in England and Wales, or 80 milligrams of alcohol per 100 millilitres of blood.

But this is expected to be lowered to 22 micrograms of alcohol per 100 millilitres of breath or 50 milligrams of alcohol per 100 millilitres of blood, to match the stricter levels already enforced in Scotland.

Those caught not wearing a seatbelt could also receive penalty points for the first time, while drivers found on the road without insurance could also face more severe consequences.

As well as this, plans are currently being drawn up to make those aged 70 or over take a compulsory eye test every three years when they renew their driving licence.

Those who fail this would lose their right to drive under the proposals. It’s understood that tests for other conditions, such as dementia, are also being considered.

Speaking on Monday, Mr Streeting said the transport secretary is consulting and “considering a whole range of proposals”, which will be unveiled in the “not too distant future”.

It is understood that Heidi Alexander will unveil the measures in a new road safety strategy in the autumn.

Transport Secretary Heidi Alexander is expected to introduce the changes as part of the government's road safety strategy in the autumn.
Pic: Reuters
Image:
Transport Secretary Heidi Alexander is expected to introduce the changes as part of the government’s road safety strategy in the autumn.
Pic: Reuters

The health secretary also defended the plans around elderly drivers.

He told broadcasters: “It cannot be right that we’ve ended up in a situation where the NHS is hit with a £2 billion a year bill because we are not taking road safety seriously enough – particularly as we get older and the quality of our eye health deteriorates, that we’re not keeping a regular check.”

Read more from Sky News:
The full-time workers who are turning to food banks
‘Deport now, appeal later’ scheme for foreign criminals expanded

A Labour source said: “At the end of the last Labour government, the number of people killed and seriously injured on our roads was at a record low, but numbers have remained stubbornly high under successive Conservative governments.

“In no other circumstance would we accept 1,600 people dying, with thousands more seriously injured, costing the NHS more than £2bn per year.

“This Labour government will deliver the first Road Safety Strategy in a decade, imposing tougher penalties on those breaking the law, protecting road users and restoring order to our roads.”

It comes after 1,633 people died in road traffic accidents in 2024, with nearly 28,000 victims seriously injured.

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UK weather: Amber heat health alert issued for large parts of England

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UK weather: Amber heat health alert issued for large parts of England

An amber heat health alert has been issued for large parts of England.

The amber alert – described as an “enhanced hot weather response” – covers East Midlands, West Midlands, East of England, London, and the South East.

The alert, issued by the UK Health Security Agency (UKHSA), is due to be in place from 9am on Tuesday, until 6pm on Wednesday.

Explainer: What is a heat-health alert?

The UK Health Security Agency (UKHSA) has issued alerts across England
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The UK Health Security Agency (UKHSA) has issued alerts across England

The UKHSA, a government agency for England, warned “significant impacts are likely” across health and social care services due to the high temperatures.

Parts of the country are facing a fourth heatwave of the summer, where highs pass a threshold on three consecutive days.

A yellow alert, also between 9am on Tuesday until 6pm on Wednesday, covers the North East, North West, Yorkshire, The Humber, and the South West.

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Check the weather forecast where you are

Dr Paul Coleman, consultant in public health at UKHSA, said temperatures are forecast to rise above 30C (86F) across some areas which “can result in serious health outcomes” particularly for the elderly or those with serious health conditions.

“If you have friends, family or neighbours who are vulnerable, it is important to ensure they are aware of the forecasts and are following the necessary advice.

“Check in on them if you can to make sure they know that hot weather is on the way and how to keep themselves safe,” Dr Coleman said.

Temperatures could peak in the low 30s on Tuesday, with a small chance of hitting 35C (95F)
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Temperatures could peak in the low 30s on Tuesday, with a small chance of hitting 35C (95F)

Sky News meteorologist Christopher England said the high pressure that brought the warmth of the last few days via the “heat dome” effect is moving east, as low pressure moves in towards the west.

“On Tuesday, southern Britain can expect temperatures widely into the low 30s… perhaps exceeding 35C (95F) in places,” he said.

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Drought in England explained

On 1 July, the UK recorded its hottest day of the year so far with a temperature of 34.7C (94.4F) recorded at St James’s Park in central London.

The Met Office’s criteria for a heatwave are met when temperatures are above a certain level for three consecutive days. This threshold varies from 25C to 28C (77F to 82F) depending on the location.

People enjoying the hot weather in North Shields in June. Pic: PA
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People enjoying the hot weather in North Shields in June. Pic: PA

Mr England added: “There’s around a 10% chance Wales may exceed its August peak temperature of 35.2C (95.3F) recorded at Hawarden on 2 August 1990.

“Expect some tropical nights too, with temperatures holding above 20C (68F).”

In July, the Met Office warned Britain’s climate is changing rapidly, with records regularly being smashed and extremes of heat and rainfall becoming the norm.

Read more from Sky News:
Tips for staying cool in bed
Could this be the UK’s hottest year?
How does sunscreen protect us?

The UKHSA has issued advice for keeping cool:
• close windows and curtains in rooms that face the sun
• seek shade and cover up outside
• use sunscreen, wear a hat and sunglasses
• keep out of the sun at the hottest times, between 11am and 3pm
• restrict physical activity to the cooler mornings or evenings
• know how to respond to heat exhaustion and heatstroke

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Dozens evacuated after burst water main floods streets in north London

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Dozens evacuated after burst water main floods streets in north London

Around 30 residents have been evacuated from their homes in north London after a water main burst, leaving roads under 44cm (17in) of water.

Seventy firefighters were dispatched by London Fire Brigade to the area around Canonbury Street in Islington just after 10pm on Sunday.

People have been urged to avoid the area including Essex Road, Elmore Street, Halliford Street and Ecclesbourne Road – and warned against driving through floodwater.

Canonbury Street in Islington experienced significant flooding. Pic: London Fire Brigade
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Canonbury Street in Islington experienced significant flooding. Pic: London Fire Brigade

Fire crews used flood barriers and sandbags to divert floodwater away from homes as they warned disruption was likely to continue into Monday afternoon.

Islington council also warned at 9am on Monday that Canonbury Street was closed from Essex Road up to Arran Walk.

A Thames Water spokesperson said: “We have now managed to stop the flow of water and ensure that the site is safe. We have also been able to move parked cars which were over another critical water main.

“We have a specialist team on site for those impacted by the incident, at Cedar Place on Essex Road, and are supporting customers who have been affected.

“To keep the public and our team safe, we’ve arranged equipment to help manage the traffic while we work in the road. We are sorry for the impact this may have on traffic in the area.”

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