National Fund

Attorney General written question – answered on 5th March 2020.

Alert me about debates like this

Photo of Lord de Mauley Lord de Mauley Conservative

To ask Her Majesty's Government what action they intend to take, if any, in regard to the National Fund.

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

The National Fund was created in 1928 with the purpose of paying off the entire national debt. At present the fund cannot be used unless it completely clears the national debt, due to the terms of the fund’s charitable trust.

On 22 May 2018 my predecessor made an application to the High Court to vary the terms of the charitable trust so that the National Fund can be used to help pay down the national debt.

It is now for the High Court to decide whether the terms of the charitable trust should be varied. If the application is successful the money in the fund will be paid over to the National Debt Commissioners towards the reduction of the national debt.

A hearing of the claim is due to take place in October.

Does this answer the above question?

Yes1 person thinks so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.