David Cameron to pledge to create 50,000 new apprenticeships using Libor market rigging fine

Prime Minister David Cameron is due today (28 April) to announce that he will use a £227m fine imposed on Deutsche Bank for the Libor rate fixing scandal to create 50,000 new apprenticeships.

The new scheme will be specifically targeted at 22-24-year-olds who have been unemployed for more than six months, and anyone jobless that refuses the apprenticeship offer will be required to do community work.

In a speech in London, Cameron is expected to claim: "To govern is to choose. Every choice we make, every decision we take, Conservatives ask ourselves some simple questions: are we rewarding work, or not? Are we helping working people, or punishing them?

"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. This is about taking money off those who represent Labour's failed past; and giving to those who through their hard work and endeavour can represent a brighter Conservative future."

He will brand Deutsche Bank as "part of Labour's failed past" and say he is "taking the money off a bank that tried to rig the market and using the money to get young people off the dole". Deutsche Bank was fined last week a record $2.5bn (£1.66bn) by US and UK regulators for trying to manipulate Libor interest rates.