847. The Consolidated Fund.

(2)     Public Expenditure

(i)     The Consolidated Fund

847.     The Consolidated Fund.

To enable Parliament to control the expenditure of the revenue there is kept at the Bank of England an account known as the Consolidated Fund1 into which is paid all public moneys due the Exchequer2. Issues from that fund are subject to control by the Comptroller and Auditor General3, who is a permanent official, independent of the executive government4. The Consolidated Fund is balanced daily5. Any excess of payments into the Consolidated Fund over payments out of