Departmental Public Expenditure

Foreign and Commonwealth Affairs written question – answered on 30th March 2010.

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Photo of Philip Hammond Philip Hammond Shadow Chief Secretary to the Treasury

To ask the Secretary of State for Foreign and Commonwealth Affairs whether his Department has incurred expenditure on (a) foreign exchange derivatives and (b) consulting on currency hedging strategies in each of the last three years.

Photo of Chris Bryant Chris Bryant Parliamentary Under-Secretary (Europe)

Prior to May 2008 the Foreign and Commonwealth Office purchased our foreign currency requirements at the spot rate at the time we needed the currency. From May 2008 we began a foreign currency forward purchase programme. The forward purchase contracts are placed via the Bank of England. HiFX Intelligent Financial Services provide ongoing specialist consultancy support at a cost of £3,000 per month + VAT.

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