Crnd.gov.uk
Title
Commissioners for the Reduction of the National Debt
Description
The origins of the Commissioners for the Reduction of the National Debt (CRND) can be traced back directly to the passing of the National Debt Reduction Act of 1786. Although there had been numerous earlier attempts to set up sinking funds to reduce the National Debt - including one by Sir Robert Walpole in 1716 - they all suffered from the defect that the money could be applied towards defraying current expenditure and inevitably, they were sooner or later diverted to that purpose.
By the early 1780's, however, strong pressure was being exerted on the Government to ensure that positive steps were taken to reduce and, eventually, eradicate the National Debt. This led to the passing of the 1786 Act and the establishment of what became known as William Pitt's Sinking Fund. Six Commissioners for the Reduction of the National Debt were appointed and authorised to employ such clerks and other officers as were necessary, thereby establishing the original National Debt Office, which is now known as CRND.
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