Hypothecation and/or ring fencing is generally bad policy anyway, but it has a certain appeal. Here it’s mostly seen when people argue that road taxes (VED) an

Hypothecation and/or ring fencing is generally bad policy anyway, but it has a certain appeal. Here it’s mostly seen when people argue that road taxes (VED) and fuel taxes should be spent on roads. I’m with Churchill on the one: “Entertainments may be taxed; public houses may be taxed; racehorses may be taxed…and the yield devoted to the general revenue. But motorists are to be privileged for all time to have the whole yield of the tax on motors devoted to roads. Obviously this is all nonsense…Such contentions are absurd, and constitute…an outrage upon the sovereignty of Parliament and upon common sense.”