§ Mr. Dykes
asked the Chancellor of the Exchequer what consideration he has given to the advantages of, and arguments for, changing the basis of valuation of the gold portion of the official reserves of the United Kingdom at an appropriate 29W market price for the metal, rather than the old dollar exchange price.
§ Mr. Robert Sheldon
The Government have under review the appropriate method of valuing the gold content of the United Kingdom's official reserves. In reaching a decision on the matter the Government will take account of the second amendment to the IMF's Articles of Agreement which, if ratified, will in effect abolish the official price of gold.