Written question asked by Julian Lewis (Conservative) on Monday, 23 October 2000, in the House of Commons. It was due for an answer on Thursday, 26 October 2000. It was answered by Melanie Johnson (Labour) on Thursday, 26 October 2000 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, what the current value in pounds sterling is of those euros purchased with the proceeds of United Kingdom gold reserves sold and invested in the euro; what the value was in pounds sterling of United Kingdom gold reserves sold and invested in the euro; what his long-term plans are regarding the maintenance of Britain's gold reserves. - Inc figures and ref to (www.bankofengland.co.uk/press.htm) and "Exchange Equalisation Account: Accounts 1997-98".

Answer: Dr. Julian Lewis: To ask the Chancellor of the Exchequer (1) what the current value in pounds sterling is of those euros purchased with the proceeds of United Kingdom gold reserves sold and invested in the euro; [134915] (2) what the value was in pounds sterling of United Kingdom gold reserves sold and invested in the euro; [134914] (3) what his long-term plans are regarding the maintenance of Britain's gold reserves. [134971] Miss Melanie Johnson: The Treasury is planning to reduce its gold holdings to around 300 tonnes over the medium term, as announced on 7 May 1999. Details of the proceeds from each of the eight gold auctions held to date can be found on the Bank of England's website (www.bankofengland.co.uk/press.htm). The proceeds have been reinvested in interest-bearing foreign currency assets. The currency split being broadly the same as that of the net reserves. Details of this can be found in the "Exchange Equalisation Account: Accounts 1997-98", published 26 January 2000.

Secondary information