§ Mr. WhittingdaleTo ask the Chancellor of the Exchequer how much has been raised from the sale of gold reserves since 1997; and what the value of the gold would be at today's prices. [63790]
§ Ruth KellyThe 395 tonnes of gold sold by the Government, as part of the restructuring of the United Kingdom's foreign currency reserves announced in May 1999, raised proceeds of $3.5 billion (around £2.4 billion at exchange rates at close on 19 June), which have been invested in interest-bearing foreign currency assets. At the price of gold at close on 19 June the 395 tonnes of gold would be valued at $4.1 billion (around £2.7 billion at exchange rates at close on 19 June).