Shadow Chancellor Ed Balls is calling on the Treasury to invest £1bn worth of FCA fines relating to foreign exchange manipulation into the National Health Service.
Since last year FCA fines have gone to the Treasury, less the regulator’s enforcement costs. The Government has previously given some of the Libor fines to military charities.
Earlier this month, the FCA handed out its largest ever fines totalling £1.1bn over forex rigging. Citibank was fined £226m, HSBC was fined £216m, JP Morgan £222m, Royal Bank of Scotland £217m and UBS £234m.
Balls says Chancellor George Osborne should use the Autumn Statement to pour the fine money into the NHS.
He says: “The fines levied on banks for foreign exchange manipulation should now be used for a wider good.
“And I believe an immediate boost to our NHS, which is going backwards under the Tories, must be a priority.
“Under David Cameron it’s getting harder to see a GP, A&E is in crisis and waiting lists are going up again. £3bn has been wasted on a top-down re-organisation while nurses and frontline staff have been lost. And cancer treatment targets have now been missed for three quarters in a row.”
Labour leader Ed Miliband has promised higher taxes on tobacco companies, hedge funds and homes worth more than £2m to pay for a £2bn injection into the NHS.