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1 results

  • THE CURIOUS CASE OF THE NATIONAL FUND

  • Martin Ellison
  • Journal:
    National Institute Economic Review ,
    Published online by Cambridge University Press:
    11 February 2025, pp. 1-13
    • Article
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  • 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, the Attorney General in 2018 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.