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Labour: £1bn of UK banking fines should go to NHS | Labour: £1bn of UK banking fines should go to NHS |
(about 1 hour later) | |
A billion pounds of banking fines should be spent on the NHS, Labour's Ed Balls has said in a conference speech. | A billion pounds of banking fines should be spent on the NHS, Labour's Ed Balls has said in a conference speech. |
The shadow chancellor said the money - from banks fined for manipulating foreign exchange markets - should be used for "a wider good". | The shadow chancellor said the money - from banks fined for manipulating foreign exchange markets - should be used for "a wider good". |
He said the fines could be included in the Autumn Statement to provide an "immediate boost" to the NHS. | He said the fines could be included in the Autumn Statement to provide an "immediate boost" to the NHS. |
Chancellor George Osborne has previously vowed to ensure the money will be used for "the public good". | Chancellor George Osborne has previously vowed to ensure the money will be used for "the public good". |
Five banks were fined a combined £1.1bn by the Financial Conduct Authority (FCA) earlier this month for "failings" that put the "integrity" of the UK financial system at risk. | Five banks were fined a combined £1.1bn by the Financial Conduct Authority (FCA) earlier this month for "failings" that put the "integrity" of the UK financial system at risk. |
Mr Balls called for the cash to be spent on the NHS during a speech to the Labour Party's East of England regional conference in Ipswich. | Mr Balls called for the cash to be spent on the NHS during a speech to the Labour Party's East of England regional conference in Ipswich. |
"Under David Cameron, it's getting harder to see a GP, A&E is in crisis and waiting lists are going up again," he said. | "Under David Cameron, it's getting harder to see a GP, A&E is in crisis and waiting lists are going up again," he said. |
"£3 billion has been wasted on a top-down re-organisation while nurses and frontline staff have been lost. And cancer treatment targets have now been missed for three quarters in a row. | "£3 billion has been wasted on a top-down re-organisation while nurses and frontline staff have been lost. And cancer treatment targets have now been missed for three quarters in a row. |
"So in next month's Autumn Statement George Osborne should use £1 billion of the fines from the banks for an immediate boost to our health service." | "So in next month's Autumn Statement George Osborne should use £1 billion of the fines from the banks for an immediate boost to our health service." |
The Autumn Statement - to be made on Wednesday 3 December - is used by the chancellor to update MPs on the government's taxation and spending plans. | The Autumn Statement - to be made on Wednesday 3 December - is used by the chancellor to update MPs on the government's taxation and spending plans. |
'Public good' | 'Public good' |
The latest banking fines show the UK still needs "big reform and cultural change in our banks", Mr Balls said. | The latest banking fines show the UK still needs "big reform and cultural change in our banks", Mr Balls said. |
He added that some of the remaining money from the fines should go to boosting the work of the Serious Fraud Office, which investigates and prosecutes serious or complex fraud cases. | He added that some of the remaining money from the fines should go to boosting the work of the Serious Fraud Office, which investigates and prosecutes serious or complex fraud cases. |
Labour would also raise an extra £2.5 billion a year - on top of Conservative spending plans - for the NHS Time to Care Fund, if they are elected into government, Mr Balls said. | Labour would also raise an extra £2.5 billion a year - on top of Conservative spending plans - for the NHS Time to Care Fund, if they are elected into government, Mr Balls said. |
The money would be raised by introducing a tax on properties worth more than £2 million, closing tax loopholes, and by bringing in a levy on tobacco companies. | The money would be raised by introducing a tax on properties worth more than £2 million, closing tax loopholes, and by bringing in a levy on tobacco companies. |
"This will allow us to deliver 20,000 more nurses and 8,000 more GPs. We will guarantee that people will not have to wait more than a week for a cancer test or 48 hours for a GP appointment," Mr Balls said. | "This will allow us to deliver 20,000 more nurses and 8,000 more GPs. We will guarantee that people will not have to wait more than a week for a cancer test or 48 hours for a GP appointment," Mr Balls said. |
"And we will repeal David Cameron's NHS changes that put private profit before patient care." | "And we will repeal David Cameron's NHS changes that put private profit before patient care." |
Speaking after the fines were issued by the FCA, Mr Osborne said: "The banks face big fines - and I will ensure that these funds are used for the public good." | Speaking after the fines were issued by the FCA, Mr Osborne said: "The banks face big fines - and I will ensure that these funds are used for the public good." |
In 2012 the chancellor announced the allocation of £35m from bank Libor fines to various armed forces charities in his autumn statement. | |
A year later, the amount collected had grown to £100m which Mr Osborne gave to military charities, ambulance and police services. |
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