§ Mr. Skeetasked the Chancellor of the Exchequer what assessment he has made of the extent to which the depreciation of pound sterling has affected the servicing of the United Kingdom's long-term debt.
§ Mr. Ian StewartThe proceeds of public sector foreign currency loans are held as foreign currency assets in the official reserves. Provided that these assets are retained and not used for intervention, increases in the sterling value of the equivalent liabilities because of a sterling depreciation will therefore be matched by offsetting increases in the sterling value of the foreign currency assets.