Written question asked by Lord De Mauley (Conservative) on Monday, 24 February 2020, in the House of Lords. It was due for an answer on Monday, 9 March 2020. It was answered by Lord Keen of Elie (Conservative) on Thursday, 5 March 2020 on behalf of the Attorney General.
National Fund
- Question
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To ask Her Majesty's Government what action they intend to take, if any, in regard to the National Fund.
- Answer
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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.
Secondary information
- Type
- Written question
- Reference
- HL1729
- Session
- 2019-21
- Subjects
- National Fund
- Link
- View this Written question on www.parliament.uk
Librarians' tools
- Timestamp
- 2020-03-10 15:21:54 +0000
- URI
- http://data.parliament.uk/writtenparliamentaryquestion/lords/2019-20/HL1729
- In Indexing
- http://indexing.parliament.uk/Content/Edit/1?uri=http://data.parliament.uk/writtenparliamentaryquestion/lords/2019-20/HL1729
- In Solr
- https://search.parliament.uk/claw/solr/?id=http://data.parliament.uk/writtenparliamentaryquestion/lords/2019-20/HL1729