HL Deb 18 May 2000 vol 613 cc33-4WA
The Earl of Northesk

asked Her Majesty's Government:

What is their response to the analysis of the World Gold Council that the Chancellor's decision to sell to date 120 tonnes of the United Kingdom's gold reserves has cost £25 million. [HL2424]

Lord McIntosh of Haringey

The UK's programme of gold sales were part of a prudent medium term programme to restructure the reserves which aims to achieve a better balance in the Government's portfolio. There will be times when currencies depreciate and times when they appreciate. Having a diversified portfolio avoids being too exposed to any one asset.