Treasury written question – answered at on 8 April 2010.
Philip Hammond
Shadow Chief Secretary to the Treasury
To ask the Chancellor of the exchequer whether his Department has incurred expenditure on (a) foreign exchange derivatives and (b) consulting on currency hedging strategies in each of the last five years.
Sarah McCarthy-Fry
Parliamentary Secretary, HM Treasury
holding answer
Under the Credit Guarantee Scheme, HM Treasury uses foreign exchange derivatives to hedge fee income received for debt issued in foreign currencies. HM Treasury does not incur explicit expenditure on these transactions; any fees charged for the use of these derivatives would be reflected in the level of the foreign exchange gain received. HM Treasury reports on the Credit Guarantee Scheme, and its financial impacts, annually in its Resource Accounts.
HM Treasury has not incurred any expenditure on consulting on currency hedging strategies.
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The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
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Parliamentary questions are conventionally answered within seven days of being lodged, or on a particular day for so-called "Named Day" questions. (Source: House of Commons Information Office, Factsheet P1, "Parliamentary Questions")
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