This paper addresses the controversy as to whether English will is appropriately analysed as a future tense auxiliary or a modal auxiliary: it examines the place of will within the verbal system and argues in detail on both formal and semantic grounds that it belongs with the uncontroversial modal auxiliaries can, must, may, etc. A crucial step in the formal argument is the demonstration that would needs to be analysed as the preterite counterpart of will (not as a distinct lexeme). The paper demonstrates the modal component in the meaning of will and argues against a grammatical split between modal will and future tense will.
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