Charities: National Fund

Debate between Baroness D'Souza and Baroness Vere of Norbiton

Monday 16th July 2018 Lords Chamber

[Baroness Vere of Norbiton]

My Lords, the noble Baroness is not quite right. It is, indeed, the charitable purpose of this charity to pay off the national debt. The issue to which she refers is around the administrative provisions within clauses 2 and 3A of the 1928 deed, which specify that it can be paid off when that condition is reached—but the purpose remains the same. However, it is the case that, after much consideration, it is now the opinion of the trustees of the charity, the Charity Commission and, indeed, the investment managers, that to resolve the situation, we should seek the permission of the High Court to use this fund to pay down the national debt.

[Baroness D'Souza (CB)]

Could the Minister say something about a separate charitable fund held by the Treasury, which I am told arises from fines imposed on banks during the banking crisis? If that fund exists, what size is it and who can access it?

[Baroness Vere of Norbiton]

I thank the noble Baroness for her question. Unfortunately, it is a little beyond my brief today as it does not particularly relate to charities. However, I shall endeavour to find out that information and write to her.