I’ve always said the best way to deliver some scrap of public benefit for the unscrupulous actions of the bankers is to stick them in the stocks and let them enjoy the taste of rotten fruit and veg.However, I think a better option has been put on the table that doesn’t just satisfy my distain for the “city boys”, but also my determination to create more apprentices. If the Conservatives win the election this week, the party have said that fines imposed on Deutsche Bank for its involvement in rigging interest rates would be used to fund 50,000 apprenticeships. The £200m cost of the scheme will be paid for out of the £227m fine that Deutsche Bank received last week for trying to manipulate Libor and Euribor inter-bank lending rates. Okay, it doesn’t perhaps make the bankers feel any more shame about what they’ve done apart from hitting them in their pockets, but this kind of financial community service is a sure fire way to help fund important schemes such as apprenticeships. Of course, this is not a new idea. Armed forces charities have received millions of pounds from Libor fines, and proves that it’s a potentially solid source of income for the government based upon the way the city operates. After all, as sure as eggs are eggs, you can pretty much guarantee that there’ll be another bank that’ll be slapped with a fine that’ll be up in the millions, or even billions, in the next few years, that could be used to boost the economy. And let’s not forget the utility companies who are not averse to being slapped with the odd fine, like SSE, which was hit with a £10.5m fine for mis-selling gas and electricity two years ago.
Read more from Charlie Mullins:
- Any initiative encouraging more girls into our sector should be embraced
- Fuel companies need to have more respect for business customers
- Banks need a conscience forced on them to avoid history repeating itself
- Big firms play by different rules, so think small more often
Share this story