Shadow charities minister calls for closure of National Fund, which has paid nothing out since being set up in 1928
A charity that is sitting on £475m but has not paid out a penny since being set up in 1928 to pay off Britain’s national debt should be closed and the money distributed to good causes, says Labour.
The National Fund was set up when an anonymous donor supplied £500,000 – a decade after Stanley Baldwin appealed to citizens to help pay the country’s war debts – with a mandate to build an endowment large enough to pay off all the money the UK owes in one go.
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