Winding Up
Hypothecation of VED into the Road Fund was formally ended under the Finance Act of 1936, in accordance with the recommendations of the Salter Report that controversially sought to introduce a balance between the road haulage industry and the railways. It had concluded that the method of road funding, which had relied on parishes and local authorities to fund a portion of the road network through their own means, represented a subsidy to the road hauliers. After the 1936 Act the proceeds of road vehicle duties were to be paid directly into the Exchequer. The Road Fund itself was finally wound up in the Miscellaneous Financial Provisions Act of 1955, becoming a system of funding through government grants.
Read more about this topic: Road Fund
Famous quotes related to winding up:
“The prevalence of suicide, without doubt, is a test of height in civilization; it means that the population is winding up its nervous and intellectual system to the utmost point of tension and that sometimes it snaps.”
—Havelock Ellis (1859–1939)
“Look, he’s winding up the watch of his wit; by and by it will strike.”
—William Shakespeare (1564–1616)
“He’s winding up the watch of his wit. By and by it will strike.”
—William Shakespeare (1564–1616)