David Cameron has pledged to fund apprenticeships by utilising £200 million in bank fines as a result of Labour’s past discrepancies.
The Conservative leader said his party would create 50,000 new apprenticeships by using the £227 million fines imposed on Deutsche Bank for rigging the Libor rate, with his party planning to utilise the fines to form a new three-year fund to target 22-24-year-olds who have been out of work for six months.
Deutsche Bank was fined $2.5bn (£1.66bn) last week by US and UK regulators as a result of trying to manipulate interest rates.
Prior to the party’s pledge to create 50,000 apprenticeships, the Conservatives have also stated they will be enforcing an additional three million apprenticeship opportunities for young people should they be re-elected in May.
In a speech in London Cameron stated: “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.”
Shadow business secretary Chuka Umunna said: “One in five apprentices is receiving no formal training, while almost four in ten firms are unaware the in-work training they provide is branded as an apprenticeship by the government.”
With Cameron exhibiting renewed passion in the fight for number 10, he promised that by voting Conservative, the electorate would be “securing a better future for you, your family and for Britain”.