Labour calls for £1 billion of banking scandal fines to be invested in the NHS

Politics and Insights

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Labour is today calling for funds raised from banks found guilty of manipulating the foreign exchange market to be invested in the National Health Service.

In a speech in Ipswich today, Ed Balls will say that in next month’s Autumn Statement the Chancellor should allocate £1 billion from the fines for an immediate boost to health and care.

Some of the remaining funds from the fines should go to boosting the work of the Serious Fraud Office so that it has the resources it needs to pursue individuals involved in this scandal and for future investigations.

Labour’s call follows the plans set out by Ed Miliband to raise an extra £2.5 billion a year – on top of Conservative spending plans – for an NHS Time to Care Fund.

As part of our plan to save and transform the NHS, this would deliver 20,000 more nurses, 3,000 more midwives, 8,000…

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