The news service heard by 26 million listeners to commercial radio in the UK
Top Stories

Sky News gains rare access to Bank of England's gold vaults
Take the Central Line into the middle of London and just before the train arrives at Bank station, something strange happens.

Rather than approaching in a straight line, the tunnel begins to twist and turn round dramatically. The angle of the curve is part of the explanation for why there is an enormous gap between the carriages and the platform at the station - bigger than nearly anywhere else on the network.

Why the curve? Why the gap? The main answer is: the tunnels have to go around the single most intriguing, and least visited place in central London: the Bank of England's vaults.

Far deep beneath the ground, right in the heart of the financial district, is a city within a city. Some 40% of the Bank's floor space is to be found not above ground but under the earth, and at the heart of this underground network is the biggest gold storage facility in Europe.

Mark Kleinman blog: See the latest from Sky's City editor

There is more gold in the vaults here at the Bank of England than in Fort Knox - more than in any other single place in the world, save for the Federal Reserve Bank of New York. And now, for the first time, Sky News has been invited down into the vaults to see them for ourselves.

It almost goes without saying that the security measures to be granted access were thorough in the extreme. We had to pass through a number of gates and steel doors, to be stripped of our phones and any money on us, to turn our cameras off and agree not to divulge the precise mazy path we took from the Bank's main lobby through to the vault. But once we finally reached the gold, the sight of it was breathtaking.

The Bank has 12 vaults, each of which holds thousands of bars of gold. We filmed in one of them - vault 4 - but caught glimpses of two of the other vaults beyond it, a hint of the vastness of this store of wealth. All told, there are more than 5,000 tonnes of gold in the Bank's vault. While that's about 1,000 tonnes short of the holdings in New York, in another sense, the Bank's vaults are only the tip of a bullion iceberg, since the Bank is only one of a number of major vaults dotted around London.

That comes back to an important point: London remains the world's capital for the trade in physical gold. Thanks in part to history, it remains the primary place in the world where countries, companies, and individuals trade the precious metal with each other in physical form.

The vast majority of the gold in the Bank's vaults belongs not to the Bank of England (it owns only two bars for display) or even the UK government (we'll come back to that in a moment) but to other countries. For this is where more than 60 central banks around the world store their gold, to enable them to trade it.

There are curios aplenty. I was shown bars of gold that were recovered from shipwrecks and explosions, the scars still visible on them. There are bars with the Soviet hammer and sickle still branded on them, though no Nazi swastikas. There were a few such bars here, but they were melted down some years ago.

For the most part, you can trade the gold without it even leaving the vault. Each bar (they are all of standard size, 400 troy ounces, which works out at between 12 and 13 kilograms - which by the way makes them surprisingly heavy) has a serial number or bar code and when they get bought and sold, all that happens is the code is assigned to a different customer; the bar stays where it is. But sometimes, customers insist on moving the physical bar, and that's where things get interesting.

The Trump effect

For early last year, a remarkable phenomenon took place. As investors fretted that Donald Trump might be about to impose tariffs on the movement of precious metals, as well as everything else, the price of gold in New York, normally pretty much identical to the London price, jumped higher. All of a sudden, there was an opportunity for anyone with the wherewithal to shift physical gold across from London to make a quick turn. So investors rushed to take gold bars out of the vaults here and fly them across to the US (via Switzerland where they were melted down from London dimensions to New York dimensions).

The idea of gold flying around the world might seem a little odd until you note that even in normal times many planes flying into and out of London Heathrow have a gold bar or two inside the cargo hold. This is how the gold market works - very much beneath the radar.

When that flurry happened a year ago, the Bank actually had trouble satisfying the urgent demand for bars, in large part because it's simply not equipped for this kind of thing: there is only one gate through which bullion deliveries happen, and physically moving that much gold was an inordinate challenge. However, in the following months, the prices equalised and gold began to flow back into the Bank's vaults. Their holdings, while a little lower than at the beginning of last year, began rising again.

Gold's enduring importance

Only a little over 300 tonnes of gold in the vaults here belongs to Britain. It used to be considerably more but, in a decision which has been chewed over extensively since then, back in the late 1990s Gordon Brown opted to sell more than half of Britain's reserves off. Back then the gold price was around $275 per ounce. Today the price is close to $5,000 (£3,714). A recent analysis found that the sale, which involved swapping the gold for bonds, resulted in a $47bn notional loss. The figure would likely be higher today, since gold prices have risen since then.

"I think at that point there was a genuine debate about whether it's sensible to have reserves - whether you can make them more useful," said the governor, Andrew Bailey. "And I think the Gordon Brown debate was very much about how gold just sits in a vault - that it's not useful in that sense. So I think you've got to put it into that context now."

The governor said that recent events, including the spike in gold prices, had underlined the importance of the asset, and London's part in its market.

"Gold is viewed as a flight-to-safety hedge against uncertainty in the state of the world - and that's been true for quite a long time," he said. "There is no question that the greater uncertainty around world events has again prompted that. But I think there's something even more true at the moment: that if you look at the mix of what are viewed as the flight-to-safety assets, [there's] gold, but dollar assets were also viewed [as safe havens].

"The dollar is somewhat the focus of attention at the moment in that much of that question around uncertainty in the world. So I think that's putting even more emphasis at the moment on gold as the safe asset. So we've seen an even bigger price rise in gold."

In short, much of the recent rise in gold could be put down to the "Trump effect" with investors fretting about his economic policy, his trade war and the pressure he is trying to put on the US Federal Reserve to cut interest rates.

History matters

All of which puts London's bars in the spotlight. They are, in one sense, no stranger to politics and to controversy. After all, this is the repository of much of the world's governmental wealth. So whenever regimes change and try to shift that wealth, London is often part of the conversation - as the ultimate custodian. Take Venezuela: the Maduro regime has been demanding the repatriation of its gold reserves - stored here at the Bank - for some years, taking the Bank of England to court over it. But since the government does not recognise the regime, it has thus far refused. A government decision - but one which places the Bank right in the middle of events.

Do such episodes underline the trust investors have in London as the safest, most logical place to put their gold? That's a question some have been asking in recent years, especially after G7 nations seized overseas assets owned by the Russian government following the invasion of Ukraine.

Adrian Ash, director of research at Bullionvault, said: "London's position as the world's central hub for physical gold was only strengthened last year by the risk of President Trump imposing trade tariffs on US gold imports. Exports of gold bullion out of China are still effectively banned, making the metal's No.1 consumer a dead-end for global flows. Shanghai and Beijing's push to attract foreign gold holdings has so far failed to beat worries over property rights and the rule of law. Again, London stands out with its long history of political and legal stability."

When it comes to gold, history matters. That's part of the explanation for this continued wonder under the ground in London. An extraordinary warren of vaults with extraordinary wealth within them.


Man denies drugging and raping his wife along with others
A man has appeared in court to deny drugging his wife to rape and sexually assault her along with other men.   

The defendant, who is in his 60s, but cannot be named for legal reasons, entered not guilty pleas to 48 offences.

He is accused of drugging his wife in order to rape and sexually assault her on his own over more than two decades dating back to the early 2000s.

Between 2023 and his arrest last year, he allegedly invited other men to sexually assault and rape his wife while she was unconscious.

He appeared at Manchester Minshull Street Crown Court along with 12 other men, aged between 28 and 73, who also cannot be identified.

All are charged with conspiracy offences and all but two are alleged to have also committed so-called contact sexual offences.

The husband is charged with 23 counts relating to offences committed on his own - including some multiple incident counts - eight conspiracy offences and 17 attacks allegedly committed with other men.

The charges include:

  • Four counts of conspiracy to rape.

  • Three counts of conspiracy to commit sexual assault by penetration.
  • One count of conspiracy administer a substance with intent to overpower to allow sexual activity.
  • 18 counts of rape.
  • 13 counts of sexual assault by penetration.
  • Seven counts of sexual assault.
  • One count of administrating a substance with intent to stupefy or overpower to allow sexual activity.
  • One count of sharing photographs or films of person in intimate state for purpose of sexual gratification.

Appearing by video-link from Forest Bank prison, the clerk took 23 minutes to read out the 18-page indictment as the man pleaded not guilty to each count.

Family members of the alleged victim and the defendants sat in the public gallery.

Five of his co-defendants appeared alongside him, while another five, who are on bail, appeared in the dock, and two others appeared from different prisons.

Five of the men are yet to enter pleas, six denied the charges, while a man in his 50s pleaded guilty to charges of conspiracy to rape, conspiracy to assault by penetration, conspiracy to administer a substance and assault by penetration.

A 12-week trial has been listed to start on 1 September this year.


FA reminds Man Utd owner Ratcliffe of responsibilities after immigration comments
The Football Association has spoken to Manchester United co-owner Sir Jim Ratcliffe to remind him of his responsibilities as a participant in English football, Sky News understands.

The intervention from football's governing body follows Sir Jim's comments about immigration.

The founder of the INEOS chemicals group told Sky News that Britain had been "colonised" by immigrants who were draining resources from the state.

It is understood that the FA advised Sir Jim that he should remember his football responsibilities when taking part in media interviews. However he will not face further action from the governing body over his remarks.

Sir Jim, one of Britain's richest men but a resident of tax-free Monaco, had told Sky News: "You can't have an economy with nine million people on benefits and huge levels of immigrants coming in.

"I mean, the UK has been colonised. It's costing too much money. The UK has been colonised by immigrants, really, hasn't it?"

He later said he was "sorry that my choice of language has offended some people".

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.


UK Athletics admits causing death of Paralympian hit on head by pole
UK Athletics has admitted causing the death of a Paralympian who was hit on the head by a metal pole.

Abdullah Hayayei, 36, who represented the United Arab Emirates, was fatally injured at Newham Leisure Centre, east London, while training in 2017.

He was preparing to represent his country in the F34 class discus, javelin and shot put at the World Para Athletics Championships in London when part of a throwing cage fell on him.

Teams and coaches from several nations were present at the time of the tragedy.

The charge said the national governing body for athletics caused the death of Mr Hayayei by "supplying for use... a discus/shot put cage which it used and operated without its base structure and which collapsed" into the Paralympian while he was practising shot putting.

At the Old Bailey on Friday, UK Athletics Ltd admitted corporate manslaughter, having previously denied the charge.

In a statement, the body said it "deeply regrets" the incident, and added: "Our deepest thoughts and sympathy remain with his family, friends, teammates and all those affected by the events of that day.

"As you will appreciate, due to the ongoing court proceedings, UK Athletics is unable to comment any further at this time."

Keith Davies, who was the head of sport for the 2017 World Paralympics Atheltics Championships, also pleaded guilty to a health and safety charge.

Prosecutor Karen Robinson invited the court to set a two-day sentencing hearing in early June, and he confirmed the prosecution would not seek a trial.

Read more from Sky News:
Grey's Anatomy star dies
Labour 'carpet-bombing the countryside'
Trump: Release the alien files

Colin Gibbs, from the Crown Prosecution Service, said in a statement that Hayayei "was a father-of-five who should have been able to compete on the world stage and return home safely to his family".

"There can be no doubt that UK Athletics were grossly negligent in their safety management, which caused the death of a talented athlete," he added.

"They left equipment in a seriously unsafe condition, and Mr Hayayei's death was wholly avoidable - a fact the organisation has admitted.

"For years there was a failure to inspect, maintain and properly manage basic safety components, leaving a heavy metal structure dangerously unstable."

The Metropolitan Police added that their investigation required detailed engineering expertise to understand the chain of events that led to the tragedy.

It said that officers had examined more than 1,500 documents, taken around 160 statements, spoken with more than 80 witnesses and collated expert reports.


Two charged with murder following death of three-year-old boy in London
Two people have been charged with murder after police opened an investigation into the death of a three-year-old boy.

Police were called to a hospital on 3 January after concerns were raised over the child - Isiayah Henry, from Woolwich, southeast London - who had been admitted with what have been described as "serious injuries".

He died on 19 January despite the "best efforts of medical staff", police said.

After initial enquiries, police began a safeguarding and criminal investigation.

Tanisha Henry, 28, of Woolwich, and Mikael Williams, 30, of Southwark, will next appear at Woolwich Crown Court on 22 April.

Read more from Sky News:
Sky News gains rare access to Bank of England's gold vaults
Universal vaccine for cold, flu, and allergies moves a step closer

They have also been charged with causing or allowing the death of a child.

Isiayah's family have been informed and continue to receive support from specialist officers, the Metropolitan Police said.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.


News Awards

The Commercial Radio News Awards aim to recognise the talent, hard work and dedication of commercial radio news teams and in the process reward and encourage the very best in radio journalism.
Read more...
Newslink

Newslink is Independent Radio News. Broadcast to an attentive audience of over 26 million every week; it is the perfect space to effectively engage listeners.
Read more...