WITH the recent announcement that Venezuela has succeeded in its legal battle to recover €1.3 billion illegally confiscated by Portuguese bank Novo Banco, the fight to return Venezuelan gold held by the Bank of England must be reinvigorated, with the labour and progressive movements supporting the Venezuela Solidarity Campaign’s demand that this gold must be returned to its rightful owners — the Venezuelan people.

The Bank of England is currently withholding 31 tons of gold bars (of the initial 99.2 tonnes) worth roughly £1.57bn, which the Venezuelan government, through its Central Bank of Venezuela (BCV), deposited there for safe keeping initially in 1980. 

These gold reserves would be a vital resource for Venezuela to boost its recent economic upturn and fund public services after the global Covid crisis.