Gold Sales

Part of Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 1 March 2001.

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Photo of Mr Teddy Taylor Mr Teddy Taylor Conservative, Rochford and Southend East 12:00, 1 March 2001

As the Chancellor has instructed the Bank of England to put 40 per cent. of all the proceeds into euros; as the Bank has been instructed to take over the issue of vast quantities of euro bonds; and as it has been widely reported that Britain, Japan and America have been intervening directly to prop up the euro, would not it be helpful for the Government to announce the size of the mountain of euros now in the Bank? Does not the right hon. Gentleman understand that, instead of engaging in this very expensive exercise, it would be better for the world economy if the Government simply allowed the euro to find its natural level in world markets? Surely that would be far better than all the back-door methods of trying time and again to prop up the euro.

Chancellor

The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.