Exchequer

Summary

The UK 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. 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 out of which is issued money for government spending.