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National Fund

Question for Attorney General

UIN HL1729, tabled on 24 February 2020

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

Answered on

5 March 2020

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.

Answered by

Attorney General