Fines benefit schemes

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I was delighted with the Star’s coverage of how government money, fines raised in the aftermath of the Libor scandal, is being used to benefit schemes and groups in Doncaster and Sheffield.

This money will go a long way.

It will support young people in some of Yorkshire’s most deprived communities to access vital opportunities by allowing them to train in First Aid.

The Yorkshire Air Ambulance will benefit too.

The Chancellor of the Exchequer, George Osborne, visited their air base recently.

He pledged £1 million, financed from Libor fines, which will go towards buying a new helicopter.

None of this would have been possible without the political will to combat and punish the behaviour which was responsible for the Libor scandal in the first place.

This has been pursued by the Conservatives in three ways.

Firstly, since April 2013 Libor is regulated by the Financial Conduct Authority.

Secondly, deliberately making false statements about benchmark-setting is now a criminal offence.

Thirdly, the money raised by Libor fines now goes to HM Treasury.

Left-wingers propagate nonsense when they suggest that Conservatives only care about rich bankers.

Spending Libor fines on worthwhile causes demonstrates the Conservative Government’s commitment to supporting those who possess honest and decent values.

You can see the results of this action across Yorkshire.

Coun Nick Allen (Conservative)

Bessacarr Ward, Doncaster