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England’s Bank Fines Are a Boon for a Happy Few
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Instructions in a 2012 law say the money from fines paid by banks for LIBOR related offenses should go to communities throughout Britain. A program in North Yorkshire teaches military veterans how to use "therapeutic baking" as a way to ease stress through cooking and by kneading dough. The same social housing charity, Riverside ECHG, says its focus is on making sure people are not sleeping in bushes or cars. A program in Harrowgate uses these funds to resurface tennis courts at a treatment center for injured police. British prime minister Cameron promised during the recent election to use 227 million pounds from fines paid against Deutsche Bank in April 2015 for financing 50,000 apprenticeships. Critics say the money should have gone to people who were harmed by the banks actions, yet in the case of LIBOR related offenses it is not clear who was harmed and by how much. The idea for the 2012 law come from Chancellor George Osborne. Osborne said about sending money back into local communities- "It is fitting that the money paid in fines by people who demonstrated the poorest values in our society is used to support those who demonstrate the very best."
How $1 billion in bank fines is being put back into communities across England in 2015
05/31/2015
In addition to the $1 billion, prime minister Cameron says 227 million pounds in fines paid by Deutsche Bank in April 2015 will be used to finance 50,000 apprenticeships in Britain
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England’s Bank Fines Are a Boon for a Happy Few
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