Catalogue description Records of the National Debt Office, and related bodies

Commissioners for the Reduction of the National Debt were established by the National Debt Reduction Act 1786 to make more effectual application of the sinking fund to the reduction of the national debt. The six commissioners so appointed were the speaker of the House of Commons, the Chancellor of the Exchequer, the Master of the rolls, the Accountant General of the Court of Chancery (now the Accountant General of the Supreme Court) and the Governor and Deputy Governor of the Bank of England. A seventh commissioner, the Chief Baron of the Court of the Exchequer, was added in 1808 and in 1881, following the abolition of that office, was replaced by the Lord Chief Justice of England.

In 1816 the separate commissioners who had been appointed for the reduction of the debt in Ireland were abolished, and the British commissioners became commissioners for the whole of the United Kingdom. They acquired further responsibilities under various acts relating to life annuities and under the Slavery Abolition Act 1833.

The commissioners have not held formal meetings since 1860, their functions being exercised by the Comptroller General of the National Debt Office.

The commissioners have been entrusted from time to time with the investment and management of many public funds, and they exercise administrative control over Trustee Savings Banks; until the National Loans Act 1968 they were also responsible for making advances to the Public Works Loan Board. They are also responsible, through the Pensions Commutation Board, for dealing with applications to commute service pensions and civil compensation allowances.

In 1980 the National Investment and Loans Office was set up by administrative action, to discharge the functions of the Commissioners, and of the Public Works Loan Board, and of the Paymaster General's Office; and on 1 July 2002 the National Investment and Loans Office was merged in the United Kingdom Debt Management Office (except for the Paymaster General's Office which was merged in the Treasury).

The Public Works Loan Board and of the Commissioners for the Reduction of the National Debt continue to carry out their statutory functions, within the Debt Management Office.