“…sioners were not “the Crown”. They were not, in constitutional terms, the owners of the consolidated fund (see Secretary of State for Trade and Industry v Frid [2004] 2 AC 506 at paragraph [27]). They could not therefore deal with the State’s money as they saw fit, and this included granting fiscal concessions which were inconsistent…”
“…e Court of Appeal in MS Fashions v. BCCI [1993] 1 Ch 425 and the subsequent decision of the House of Lords in Secretary of State for Trade and Industry v. Frid [2004] 2 AC 506. In none of those authorities is a piecemeal, slice-by-slice approach suggested as being in any way appropriate for the taking of the account under Rule 4.90.…”