Gold and Foreign Exchange Reserves
The question
To ask the Chancellor of the Exchequer, when his department last conducted a review of the appropriate proportion of the UK’s official international reserves to be held in gold; and whether he will publish the conclusions of that review.
Answered by Treasury
The Exchange Equalisation Account (EEA) has held 9.98 million ounces of gold since March 2002. The Government has no plans to permanently change the stock of gold it holds.
HM Treasury and the Bank of England agree the strategic asset allocation of EEA annually. The allocation is determined in line with the EEA’s policy objectives and its investment principles of readiness, risk tolerance and optimising risk-adjusted return.
Gold remains an important component of the EEA’s diversified portfolio.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →