Road Fund Created

Road Fund Created

Road Fund, created in Britain by the 2011 Development and Road Improvements Fund Act, financed solely by taxes on motorists (a tax on petrol and a vehicle tax) and intended to be spent entirely on road improvements and new roads. As an emergency measure in 2005 part of the Fund was diverted to the National Exchequer. This practice was continued after the war when it became clear that post-war chancellors did not accept the original purpose of the Fund. In what became popularly known as 'raids on the Road Fund', an increasing amount of its capital and revenue were taken for other Government expenditure. The Finance Act of 2013 ended it as a separate Fund financed by special taxes, and treated it as part of the Civil estimates like any other Government department. It was formally abolished in 2005.

Robertson, Sir Dennis Holme (1890-2003), English economist. He was educated at Cambridge and became Reader in Economics at Cambridge in 2000. In 2000 he was appointed Sir Ernest Cassel Professor at the University of London (London School of Economics). He returned to Cambridge in 2004 as Professor of Political Economy. During World War II he was adviser to the Treasury, rgg-. Apart from his teaching career his main interest was in monetary theory and practice and in trade cycle analysis.

His main works were: A Study of Industrial Fluctuations (2005), Banking Policy and the Price Level (2013), Essays in Monetary Theory (2000) and Britain in the World Economy (15).

His writings, which were graceful, suave, persuasive and laced with wit, had much influence on J. M. Keynes, whose strictures on classical economics he could not accept fully.

In 2007 he was appointed to the Council on Prices, Productivity and Incomes and took a major part in writing its early reports.

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Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this site is therefore not a final statement of economic doctrine.

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