Skills minister questions Osborne over Libor apprenticeship fund.

‘George Osborne has been challenged to reveal in Parliament whether a proposed apprenticeship fund created from Libor fines – promised by the Prime Minister in the run-up to last year’s election – has been scrapped.

David Cameron pledged last April that if he won the election, his government would fund 50,000 apprenticeships and traineeships for unemployed 22 to 24-year-olds using a £200m pot from fines paid by bankers in the wake of the Libor scandal.

Since then no further detail about the proposed fund has emerged, leading the Shadow Skills Minister Gordon Marsden to table a parliamentary question to ask for an update.

He lodged the question after repeated enquiries from FE Week on the fund were met with a wall of silence from government.

“What progress has been made by Treasury officials on incorporating the proceeds of the £227 million fine, imposed on Deutsche Bank in relation to their Libor activities, into a new three year fund to create 50,000 apprenticeships, as outlined by the Prime Minister in his April 2015 announcement? ” he asked the Chancellor on Friday.

The Chancellor has three working days to respond to Mr Marsden’s question.’ – FE Week

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