The National Fund
| The National Fund | |
|---|---|
| Purpose: | UK government debt repayment |
| Chair: | |
| Managing directors: | Barclays Bank |
| Consist: | since January 9, 1928 |
| Founder: | anonymous |
| Balance sheet total: | £ 475 million (2018) |
| Seat: | |
The National Fund is a charitable foundation in the United Kingdom . In 1919, then Treasury Secretary Stanley Baldwin suggested in the Financial Times that patriotic, wealthy citizens could donate some of their wealth to help reduce the First World War national debt .
On January 9, 1928, an anonymous citizen donated half a million pounds on condition that the amount be used to pay off the UK's remaining debts in full:
"[...] The National Fund shall be retained and accumulated until either alone or with other funds then presently available for the purpose it is sufficient to discharge the national debt [...]"
"The National Fund is to be retained and increased until it alone, or together with other future assets, is sufficient to pay off the national debt."
The foundation is managed by Bank Barclays and owned £ 351 million in February 2012 and £ 475 million in May 2018. With the UK national debt totaling £ 1.78 trillion in 2017, the use of the amount for the intended purpose is illusory.
The administrators try to pay out the assets to non-profit organizations - however, a court decision is necessary. The British government, on the other hand, would like to use the foundation's assets to settle part of the national debt. According to the foundation's statutes, however, an early payment is only permitted during a national emergency (English national exigency ).
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- Registered Charities in England and Wales: Charity Details. Retrieved May 22, 2018 . The foundation has the registration number 1046814.
- Benjamin Kentish: Government asks permission to use £ 475m fund proposed for charities to pay down national debt instead. In: The Independent. May 22, 2018. Retrieved May 22, 2018 .