David Cameron is to announce today a £200m fund aimed at creating 50,000 new apprenticeships for young unemployed people.
Money from Libor fines is being used to create the three year fund, which is part of the Conservatives’ plan to abolish long-term youth unemployment, a spokesperson said.
“It all comes back to our values: being on the side of people who want to work hard and get on in life,” the Prime Minister is expected to say today. “We’re going to take the fines from the banks who tried to rig markets – and we’re going to use it to train young people and get them off the dole and into work.”
The new policy will specifically target 22-24 year olds who have been unemployed for more than six months.