Commissioners for the Reduction of the National Debt
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The Commissioners for the Reduction of the National Debt (CRND) is a statutory body of the UK Government, whose main function is the investment and management of government funds. The current
Comptroller General A comptroller (pronounced either the same as ''controller'' or as ) is a management Management (or managing) is the administration of an organization, whether it is a business, a nonprofit organization, or a government body. It is the art ...
is Jo Whelan.


History

The CRND was established in 1786 by the National Debt Reduction Act 1786, and was originally a
non-ministerial government department Non-ministerial government departments (NMGDs) are a type of Departments of the Government of the United Kingdom, department of the Government of the United Kingdom, United Kingdom government that deal with matters for which direct political overs ...
. The 1786 Act provided that the Commissioners were to be the Speaker of the House of Commons, the
Chancellor of the Exchequer The chancellor of the Exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and head of HM Treasury, His Majesty's Treasury. As one of the four Great Offices of State, the Ch ...
, the
Master of the Rolls The Keeper or Master of the Rolls and Records of the Chancery of England, known as the Master of the Rolls, is the President of the Court of Appeal (England and Wales)#Civil Division, Civil Division of the Court of Appeal of England and Wales a ...
, the Accountant-General of the Court of Chancery and the
governor A governor is an administrative leader and head of a polity A polity is an identifiable Politics, political entity – a group of people with a collective identity, who are organized by some form of Institutionalisation, institutionalized s ...
and deputy governor of the
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the Kingdom of England, English Government's banker, and still one of the bankers fo ...
. The Life Annuities Act 1808 provided that the Chief Baron of the Court of Exchequer (or, in his absence, any of the Barons of the Court of Exchequer) was also to be a Commissioner; the Chief Baron was replaced by the
Lord Chief Justice Lord is an appellation for a person or deity who has authority, control, or power (social and political), power over others, acting as a master, chief, or ruler. The appellation can also denote certain persons who hold a title of the Peerage ...
by the Supreme Court of Judicature Act 1881. The
Paymaster General His Majesty's Paymaster General or HM Paymaster General is a ministerial position in the Cabinet Office of the United Kingdom. The incumbent Paymaster General is Jeremy Quin MP. History The post was created in 1836 by the merger of the posit ...
replaced the Accountant-General of the Court of Chancery by virtue of the Court of Chancery (Funds) Act 1872, and was in turn replaced by the Accountant-General of the Supreme Court. The most recent change in composition has been as a result of the Bank of England Act 1998, which provided for additional deputy governors of the Bank to be Commissioners. Meetings of the Commissioners were at first held regularly, usually at the home of the Chancellor, but the last recorded business meeting took place on 12 October 1860. The reason for the sudden cessation is unknown, no hint being obtainable from the minutes, but since then the day-to-day decisions have been delegated to the Comptroller General and the Assistant Comptroller, who are civil servants, but are appointed by and act on behalf of the Commissioners. On the comparatively rare occasions when it is necessary for a fundamental policy matter to be put to the Commissioners for a decision, it is referred to the Chancellor of the Exchequer, the Governor and the Deputy Governors of the Bank of England, who together constitute a quorum and are sometimes referred to as the "active" Commissioners. In practice the only references made to them are when it is necessary to make formal appointments, for example of Attorneys at the Bank of England and of the Comptroller General and the Assistant Comptroller. However, the Commissioners did reconvene recently, at the Chancellor's invitation, on 15 February 2016, on which occasion the DMO's Chief Executive was officially appointed as the Government Broker, a formal title previously conferred on the senior partner of the stockbrokers Mullens & Co., up until 1986. The statutory functions of CRND have been carried out within the
UK Debt Management Office The UK Debt Management Office (DMO) is the executive agency An executive agency is a part of a government department that is treated as managerially and budgetarily separate, to carry out some part of the executive functions of the United Ki ...
since July 2002.


Operations

The CRND manages the investment portfolios of a number of government and public bodies including
HM Revenue & Customs HM Revenue and Customs (His Majesty's Revenue and Customs, or HMRC) is a non-ministerial government department, non-ministerial Departments of the United Kingdom Government, department of the His Majesty's Government, UK Government responsible fo ...
(
National Insurance Fund The three British National Insurance Funds hold the contributions of the National Insurance Scheme, set up by the Government of the United Kingdom in 1911. It was reformed in 1948 and assumed broadly its current form in 1975, when the separate Na ...
),
National Savings and Investments National Savings and Investments (NS&I), formerly called the Post Office Savings Bank and National Savings, is a state-owned savings bank in the United Kingdom. It is both a non-ministerial government department and an executive agency of HM Treasu ...
( National Savings Bank Fund),
Her Majesty's Courts Service Her Majesty's Courts Service (HMCS) was an executive agency of the Ministry of Justice (United Kingdom), Ministry of Justice (MoJ) and was responsible for the administration of the civil, family and criminal courts in England and Wales. It was c ...
(Court Funds Investment Account), the
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and the ( National Lottery Distribution Fund). It also manages some residual operations relating to the
National Debt A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit o ...
including donations and bequests and the 3.5 per cent Conversion Loan
Sinking Fund A sinking fund is a fund established by an economic entity by setting aside revenue over a period of time to fund a future capital expense, or repayment of a long-term debt. In North America and elsewhere where it is common for public and privat ...
.


References


External links

* {{authority control United Kingdom national debt Organisations based in the City of London Finance in the United Kingdom HM Treasury Public bodies and task forces of the United Kingdom government 1786 establishments in Great Britain