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Cameron pledges to create 50,000 new apprenticeships using Libor fine

April 28, 2015
tags: ,

by and : theguardian – excerpt

PM to announce new scheme for unemployed 22-24-year-olds funded by £227m fine imposed on Deutsche Bank

David Cameron will tear a leaf out of Labour’s playbook by announcing that he will use the £227m fine imposed on Deutsche Bank for rigging the Libor rate into a new three-year fund to create 50,000 new apprenticeships.

The new scheme will be specifically targeted at 22-24-year-olds who have been unemployed for more than six months, and anyone jobless that refuses the apprenticeship offer will be required to do community work.

In a piece of banker-bashing not normally associated with the Conservatives, he will brand Deutsche Bank as “part of Labour’s failed past” and say he is “taking the money off a bank that tried to rig the market and using the money to get young people off the dole”. Deutsche Bank was fined last week a record $2.5bn (£1.66bn) by US and UK regulators for trying to manipulate interest rates. The German bank was fined $2.1bn by US regulators, and £227m by the UK’s Financial Conduct Authority… (more)

“Using bank fines to get the young off the dole” sounds like a good use of those funds. I wonder what the US government does with all its bank fees? Maybe they should consider using some of the bank fees to pay down student debts or refinance underwater loans.

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