National Fund

Treasury written question – answered on 4th June 2018.

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Photo of Gregory Campbell Gregory Campbell Shadow DUP Spokesperson (International Development), Shadow DUP Spokesperson (Cabinet Office)

To ask Mr Chancellor of the Exchequer, if he will make an assessment of the potential merits of appointing a small group of fund managers to oversee the National Fund to ascertain its growth potential over the next 25 years.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The National Fund is a charitable trust set up in 1928 for the purpose of accumulating income sufficient to discharge the National Debt. According to expert evidence, there is no realistic prospect of the Fund ever amounting to a sum sufficient to pay off the whole of the National Debt.

The Attorney General has applied to the High Court for the National Fund to be released, with the proceeds used for reducing the National Debt. This use of the funds is in keeping with the fund’s original intention. It is for the High Court to determine the Attorney General’s application.

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