Cameron pledges to fund 50,000 new apprenticeships with bank fines

Prime Minister David Cameron has announced that the Conservative party  will create 50,000 new apprenticeships using a £227m Libor fine imposed on Deutsche Bank.

Deutsche Bank was fined £1.66bn last week) by US and UK regulators for trying to manipulate interest rates. 

The new scheme will be aimed at unemployed 22-24-year-olds who have been unemployed for more than six months. Anyone jobless who turns down the offer of an apprenticeship will be required to do community work.

David Cameron will say: “To govern is to choose. Every choice we make, every decision we take, Conservatives ask ourselves some simple questions: are we rewarding work, or not? Are we helping working people, or punishing them?

“We’re going to take the fines from the banks who tried to rig markets – and we’re going to use it to train young people and get them off the dole and into work. This is about taking money off those who represent Labour’s failed past; and giving to those who through their hard work and endeavour can represent a brighter Conservative future.”