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 is Jo Whelan.
13-621: CRND may refer to: Commissioners for the Reduction of the National Debt Centre for Research in Neurodegenerative Diseases Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title CRND . If an internal link led you here, you may wish to change the link to point directly to
26-611: A Thursday morning to be informed of any change in the Bank Rate, which the senior partner would then communicate to the Stock Exchange. The broker would be accompanied on his visit to the stock exchange by a junior member of the Mullens & Co. staff, that in the event he should be struck down on his journey, the junior member would be able to obtain the bank rate (written on a piece of paper inside his pocket) and present it to
39-426: A number of private clients.The role of a government broker is to "raise new money and maintain an orderly market in gilt-edged stocks, "lengthening the debt" by issuing long-dated paper and buying in shorter issues." The government brokers would wear black silk top hats to ensure they could be seen – and thus the actions of the government could be seen – from all across the exchange floor. The formal title assigned to
52-624: 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
65-602: The Department for Culture, Media and Sport and the ( National Lottery Distribution Fund). It also manages some residual operations relating to the National Debt including donations and bequests and the 3.5 per cent Conversion Loan Sinking Fund . [REDACTED] This article incorporates text published under the British Open ;Government Licence : "Commissioners for the Reduction of
78-580: 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, at the Chancellor's invitation, on 15 February 2016, on which occasion
91-1011: The Barons of the Court of Exchequer) was also to be a Commissioner; the Chief Baron was replaced by the Lord Chief Justice by the Supreme Court of Judicature Act 1881 . The Paymaster General replaced the Accountant-General of the Court of Chancery by virtue of the Court of Chancery (Funds) Act 1872 ( 35 & 36 Vict. c. 44), and was in turn replaced by the Accountant-General of the Supreme Court . The most recent change in composition has been as
104-786: 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 since July 2002. The CRND manages the investment portfolios of a number of government and public bodies including HM Revenue & Customs ( National Insurance Fund ), National Savings and Investments ( National Savings Bank Fund), Her Majesty's Courts Service (Court Funds Investment Account),
117-551: The National Debt - National Debt Commissioners" . www.dmo.gov.uk . Retrieved 27 April 2021 . Mullens %26 Co. Mullens & Co. was a stock brokerage firm founded in 1786 (238 years ago) ( 1786 ) . The firm served as ' government brokers' , to the government of the United Kingdom . Its main focus was the gilt-edged market . Though they were primarily government brokers, they also held
130-601: The Senior Partner of the firm was "Broker to the Commissioners for the Reduction of the National Debt". Who served as a link between "the Bank of England , the Commissioners for the Reduction of the National Debt and the gilt-edged market in the London Stock Exchange ". This was the official title established by William Pitt the Younger in 1786. The role involved an attendance at the Bank of England on
143-595: 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
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#1732775834936156-594: The intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=CRND&oldid=946710146 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Commissioners for the Reduction of the National Debt The CRND was established by the National Debt Reduction Act 1786 , and
169-777: Was originally a non-ministerial government department . The 1786 act provided that the Commissioners were to be the Speaker of the House of Commons , the Chancellor of the Exchequer , the Master of the Rolls , the Accountant-General of the Court of Chancery and the governor and deputy governor of the Bank of England . The Life Annuities Act 1808 provided that the Chief Baron of the Court of Exchequer (or, in his absence, any of
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