Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his department has considered proposals since 1 January 2022 to increase the quantity or proportion of gold held in the UK’s official reserves.

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.