Government Investments

HC Deb 07 March 2001 vol 364 c227W

Barbara Follett

To ask the Chancellor of the Exchequer if he will make a statement on the Government's investments. [152738]

Miss Melanie Johnson

Following a detailed review of the gold sales programme, which considered the recommendations made in the recently published National Audit Office Report on "The sale of part of the UK gold reserves", we have today confirmed our plans to sell 120 tonnes of gold in 2001–02. As in previous years the sales will be made through Bank of England auctions. There will be six auctions during 2001–02, which will be held every other month starting in May. The auctions will be of approximately 20 tonnes and will continue to be conducted on a single price basis.