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 on Consols are low, so the possibility of redemption is remote. As these are perpetuities, the price of Consols is proportional to 1/r, the reciprocal of the long-term interest rate.