Rt Hon Lord Lilley

    Oral Parliamentary Question (OPQ)
    472 c1911-2;472 c1909-10
    Lilley, Peter
    Topical Questions
    I am grateful to the Treasury for its recent reply that revealed that the former Chancellor’s decision to sell the nation’s gold reserves cost the country more than $8 billion net of interest, which is more than the losses incurred by rogue traders such as Jérôme Kerviel and Nick Leeson and a multiple of the losses on black Wednesday, and cost every household in this country more than £200. In the words of my constituent, Sonia Chohan, who has referred the former Chancellor to the “Guinness Book of Records”, is not”“Gordon Brown…the biggest rogue trader in history”?”
    Eagle, Angela

    The right hon. Gentleman is being completely absurd, and he knows it. If it is such a terrible policy, why on earth are many other countries divesting themselves of their gold reserves to get a more balanced portfolio? He knows as well as anyone else that the then Governor of the Bank of England, Eddie George, when he was asked about it in 1999, said that it was a perfectly reasonable portfolio decision that spread risk and reduced the risk of the national reserves by 30 per cent.
    House of Commons (HoC)
    Commons Chamber