Originally introduced to reflect the agricultural policies of the European Economic Community, the quota's purpose was to bring rising milk production under control.
Milk quotas were assets and could be bought and sold or acquired or lost by other means and so there was a market for them.
Until 31 March 1994, the MAFF ("Ministry of Agriculture, Fisheries and Food", a British government department that has since been replaced by DEFRA) was responsible for milk quotas, together with the Secretaries of State for Scotland and Wales and the Department of Agriculture for Northern Ireland.
The Milk Marketing Boards were dissolved on 31 October 1994 (in England, Wales and Scotland) and 28 February 1995 (in Northern Ireland).
Contrary to their intent, milk quotas became a valuable asset, although prices fell towards the end of their life.