Hypothecation — ring-fencing taxes for specific purposes — sounds good at first, until you start going through the full analysis of how it works. People seem willing to hypothecate Income Tax rises to the NHS. (Well, they say that, but it's not clear that they would actually be happy paying them!)
Meanwhile, a survey has found that 70% of Britons are prepared to pay an extra one pence in income tax to help fund the NHS, and almost half (48%) would pay an additional two pence. An extra penny on the basic rate of income tax would raise around £4.5bn, and 70% of those questioned for ITV1’s programme The Agenda said they would be happy to see a tax hike on this scale if it was guaranteed that all the money would go to the NHS.