Exchequer

Common card · No. 230259

The UK Exchequer (formally His Majesty's Exchequer) is part of the machinery of government, defined as 'the legal and accounting entities which support the UK's spending and revenue activities'. The term is used for the accounting processes of central government, and as such it appears in various financial documents (including the latest departmental and agency annual accounts). The Consolidated Fund account at the Bank of England is officially termed 'The Account of His Majesty's Exchequer': It serves as the government's current account, into which is paid the money raised from taxation (and other government revenues), and out of which is issued money for government spending. Historically the Exchequer (the Court of Exchequer) was an executive body, having the combined characteristics of a government department and a court of law. It was responsible for the collection and the management of taxes and revenues, making payments on behalf of the sovereign and auditing official accounts. Twice...

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