§ 2.54 p.m.
§ LORD GRANTCHESTERMy Lords, I beg leave to ask the Question which stands in my name on the Order Paper.
§ The Question was as follows:
§ To ask Her Majesty's Government whether after January 1, 1973, it will be possible for British citizens if they wish, to buy and hold gold as an investment and whether the rules in this respect will be similar in all European Economic Community countries.
§ LORD ABERDAREMy Lords, United Kingdom residents other than authorised dealers may not hold or carry out transactions in gold bullion unless they have the consent of the Treasury. United Kingdom residents are, however, able to deal freely in gold coins. The United Kingdom's accession to the E.E.C. on January 1, 1973, does not carry any obligation to change the present control; and it is not our intention to do so. But, as with all exchange controls, it will be kept under regular review. The present members of the E.E.C. do not restrict dealings in gold within their own countries, though some do restrict the movement of gold with other countries.
§ LORD GRANTCHESTERMy Lords, I thank the Minister for that reply. May I ask whether the Mint is continuing to produce gold sovereigns which the Bank 820 of England are selling to our compatriots in the Common Market, and will this not raise difficulties in the free movement of goods and persons under the Treaty of Rome?
§ LORD ABERDAREMy Lords, I am afraid I must ask the noble Lord to give me notice of that rather detailed question. The Question on the Order Paper refers to British citizens buying and holding gold. I am afraid that without notice I cannot answer his further question, but perhaps the noble Lord would like to write to me; or I will write to him.