Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what progress officials in his Department have made 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.

This government will be spending twice as much in cash terms on apprenticeships by 2020 compared to 2010. Spending on apprenticeships in England will be £2.5bn in 2019-20. The BIS spending review settlement for apprenticeships reflects the government’s commitment regarding the proceeds of the Libor fine the FCA announced in April 2015. Further announcements that support the government’s commitment to delivering employment opportunities for young people will be announced in due course.