"greater than"/"less than" symbols (><), being converted to html

I have "select" form components that contain "greater than" symbols (>). When viewing the form these symbols are being converted to html so ">" shows up as "&gt" with a semicolon on the end.

I have had these forms for a while and have never noticed this problem before. Things I have done recently before noticing the problem:
moving Drupal from one server to another (though everything else appears to work)
upgrading Webform from 6.x-2.0-beta6 to 6.x-2.1.1

if I edit the form component it shows up correctly as a ">" symbol, but when viewing the form it always shows the html equivalent.