51�Թ�

He added the Bank of England could save money by changing its quantitative easing programme.

"In recent times, a big policy response from authorities when there's been a crisis has been: slash interest rates, boost money supply, quantitative easing, print money. Gold is seen as a haven from that, and therefore a store of value."

The Bank later cut interest rates from 0.5% to 0.25% - and restarted its quantitative easing programme to support the economy.

Reform UK also plans a £35bn-a-year raid on banks by ceasing to pay interest on the £700bn of bonds held at the Bank of England as a result of the post-financial crisis Quantitative Easing programme.

Reform argues that the state should be significantly smaller, and also suggests a massive £35bn funding pot could be made available if the Bank of England stopped paying interest on the bonds it holds as a result of the post-financial crisis quantitative easing programme.