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National Fund

Attorney General written question – answered on 14th March 2019.

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Photo of Baroness Hayter of Kentish Town Baroness Hayter of Kentish Town Shadow Spokesperson (Cabinet Office), Shadow Spokesperson (Business, Energy and Industrial Strategy), Shadow Spokesperson (Exiting the European Union), Shadow Deputy Leader of the House of Lords

To ask Her Majesty's Government whether the Attorney General’s application to the High Court to release the assets of the National Fund has now been concluded; and if so, how those assets are shown in HM Treasury’s accounts.

Photo of Lord Keen of Elie Lord Keen of Elie The Advocate-General for Scotland, Lords Spokesperson (Ministry of Justice)

The National Fund was set up by a trust deed in 1928. The Fund is held on trust for the purpose of reducing 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 application made by the then Attorney General to the High Court on 22nd May 2018, to release the assets of the National Fund in order to pay down national debt, has not yet concluded. In February 2019 the High Court Listing Officer allocated a three day hearing during a five day window starting on 18 November 2019.

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