UK government undated securities. The name is short for Consolidated Fund Annuities; the Consolidated Fund is the government's account at the Bank of England into which tax revenues are paid. Consols are redeemable at par at the government's discretion, but the holders have no right to demand redemption. The nominal yields of 21/2 or 3 per cent are below current interest rates, so the possibility of redemption is remote. As perpetuities, the price of Consols is proportional to 1/r, the reciprocal of the long-term interest rate.

• golden handshake
• golden rule
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• Gosplan
• government
• government debt
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• government transfer payments
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• gravity model