HMT central funds
This collection brings together the Consolidated Fund, the National Loans Fund, the Contingencies Fund and the Exchange Equalisation Account.
The following central funds are administered by HM Treasury which includes producing annual accounts. The maintenance and integrity of the content on this page is the responsibility of the relevant Accounting Officer; the work carried out by the auditors does not involve consideration of these matters and accordingly the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.
Read the HM Treasury annual reports and accounts.
Consolidated Fund
The Consolidated Fund receives the proceeds of taxation and other government receipts which fund public expenditure.
National Loans Fund
The National Loans Fund is used to account for government borrowing and lending.
Contingencies Fund
The Contingencies Fund is used to finance payments for urgent services in anticipation of Parliamentary provision, to provide funds required temporarily by government departments and to meet other temporary cash deficiencies.
Exchange Equalisation Account
The Exchange Equalisation Account (EEA) was established in 1932 to provide a fund which could be used for “checking undue fluctuations in the exchange value of sterling”. Under the consolidating Exchange Equalisation Account Act 1979, it may also be used to secure the conservation or disposition in the national interest of making payments abroad and for certain purposes arising out of the UK’s membership of the IMF including the holding, purchase and sale of Special Drawing Rights (SDRs). It holds the UK’s reserves of gold, foreign currencies and SDRs.