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The Curious Case of the National Fund

Author

Listed:
  • Ellison, Martin

Abstract

Changing attitudes to government debt influenced a recent High Court judgement on the National Fund, a British charity set up in 1928 with donations left to accumulate until they grew sufficient to repay in full the National Debt of the United Kingdom. Based on a belief that the Fund would never become large enough, in 2018 the Attorney General applied under cy-près jurisdiction to allow the charity to repay only part of the National Debt. The argument was that changing attitudes to debt have rendered the charity's aim impracticable, even though it was at the time it was set up.

Suggested Citation

  • Ellison, Martin, 2024. "The Curious Case of the National Fund," CEPR Discussion Papers 19782, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:19782
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    File URL: https://cepr.org/publications/DP19782
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    More about this item

    JEL classification:

    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt

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