Consolidated Fund in United Kingdom
Definition of Consolidated Fund
In accordance with the work A Dictionary of Law, this is a description of Consolidated Fund : The central account with the Bank of England maintained by the government for receiving public revenue and meeting public expenditure. Most payments from it are authorized annually by Consolidated Fund Acts, but some (e.g. judicial salaries) are permanent statutory charges on it.
Consolidated Fund Meaning, as used in the UK Parliament
The Consolidated Fund is the Government’s general bank account at the Bank of England. Payments from this account must be authorised in advance by the House of Commons. The Government presents its ‘requests’ to use this money in the form of Consolidated Fund Bills.
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