§ Sir Teddy Taylor
To ask the Chancellor of the Exchequer what assessment he has made of the outcome of the policy of instructing the Bank of England to sell gold reserves; and what percentage of total gold reserves have been sold. 
§ Ruth Kelly
As recommended by the Public Accounts Committee, the Treasury undertook a review of the gold sales programme once it was completed. Copies of the Treasury's "Review of the Sale of Part of the UK Gold Reserves", issued in October 2002, have been placed in the House of Commons' Library. It is also available on the Treasury's website.
As a result of the portfolio restructuring the Government has reduced the United Kingdom's gold holdings from the 715 tonnes (held in May 1999) to 320 tonnes at the end of the programme, a reduction of around 60 per cent. The United Kingdom now holds around 23 per cent of its net reserves in gold.