Even within the NHS, there is no guarantee that the department that has been most underfunded - mental health (where the underfunding continues to cause major pressures elsewhere) - would be the beneficiary of a hypothecated
This is because the tax increase proposed is both small and hypothecated
in favour of public provision that the public wants protected-and even expanded.
The fund's existence would give people confidence that the levy was truly hypothecated
to social care and could not be siphoned off for other uses.
Let's get used to it, this government, majority or not, has the onerous task of getting the deficit down and all of those people who argue a hypothecated
approach to growth by borrowing for investment are simply sabotaging the future for generations.
Mr Hammond rejected Mr Davies' argument, saying: "You and I know, Mr Davies, that no Government has hypothecated
revenues in that way, they allocate them across the economy.
After all, it's a hypothecated
tax, which even the banking code covers voluntarily.
For this to work, money must be hypothecated
to defined infrastructure projects which will have a positive impact upon the business community.
I have made it clear that money gained from congestion charging should be hypothecated
to improve public transport.
As we've said before a hypothecated
tax, earmarked for health, is the honest way of funding the NHS.
I asked whether just half of one per cent, when VAT returned to its normal rate, might help plug the gap specifically on social care (a hypothetical hypothecated
tax of nearly pounds 2.
In his submission to the committee, which he will address in person on Thursday , Prof Pennington said: "It seems unlikely that any significant sums of new money to pay for work to implement my recommendations - hypothecated
, ring-fenced or not - will be allocated to local authorities.