Donation From Century-Old Fund Cuts UK Debt by £607 Million

The UK is using money from a charitable fund established nearly 100 years ago to take a small bite out of the national debt.

The Debt Management Office said that it would cancel £607 million ($819 million) of government bonds on Friday using proceeds from the National Fund, which was set up in 1927 with the aim of raising enough capital to completely wipe out the national debt.