Apparently, it’s called ‘hypothecating’.Â No, it’s nothing to do with right angled triangles, and not a medical procedure, but the term for a funding ethos where local taxes are collected to fund local spending.
BoJo wants to introduce such a hypothecatory [are you sure that’s a word? – Boriswatch Ed] system into London and has darn well written to the Chief Secretary of the Treasury. He’s the person who would agree to the hypothecisation [Really? Boriswatch Ed] of London, you see.
“Already punching above its weight, with just 12 per cent of the countryâ€™s population, London contributes more to the Treasury than any other region; its economy is greater than that of Scotland, Northern Ireland, Wales and the East Midlands combined. To maintain its position, the capital needs continued investment, but with greater freedom for the boroughs to decide how money is spent.”
Bozza’s office have been quick to deny that this is a ploy from the Mayor to be able to set the levels of local taxation, but that it was an effort to “earmark future tax income raised in a local area to finance local regeneration”. He presumably wants to create a hypothecracy [Ahem – Boriswatch Ed] in London which would allow the hypothecation of funds to a central hypothecary, run by the Chief Hypothecist under supervision from a central Hypothe [That’s quite enough of that – Boriswatch Ed]