Srappage Scheme UK

Been reading about this in Practical Classics magazine. Can't quite get my head around it. Seems like another way for government to waste taxpayers money in the name of Environmental crap. No doubt misused by chancers like all govt subsidised programs. All for no benefit to the environment. I would've thought keeping cars for decades instead of buying a new one every year was the best thing for the environment. Not to mention the damage to the classic car hobby.

Anyone able to explain it to me a bit better?