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Plough £1Bn Of Forex Fines Into Nhs, Balls Urges

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Ed Balls has urged the Chancellor to plough £1bn in fines raised from banks found guilty of manipulating foreign exchange markets into the NHS.

In a speech to Labour's East of England regional conference in Ipswich today, the Shadow Chancellor called on George Osborne to use next month's Autumn Statement to give "an immediate boost to our health service".

"The fines levied on banks for foreign exchange manipulation should now be used for a wider good," Mr Balls said.

"And I believe an immediate boost to our National Health Service, which is going backwards under the Tories, must be a priority." [more at link]

https://www.politicshome.com/uk/story/45544/

Edited by kjw

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Must admit getting sick to death of the the NHS being used for political posturing - by both parties.But Labour!

If I were king I would rename it to de-politicise it. Do other countries go on so much about their health services?

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So that's another £1 billion maybe not going into real rebalancing of the economy.

There might be stuff in the NHS that would really benefit from the money (rather than just bumping up a few wages pro rata to the amount "ploughed in") but it would be good if the money was allocated in detail to specific things that might clearly benefit patients rather than just lumping it into "the NHS".

At least it would be better than how the system used to be - giving the money back to the banking sector.

Edited by billybong

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yeah right, £1bn in the NHS,...next year, they are short of £1bn plus inflation....hue and cry at the cutbacks

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Ed Balls has urged the Chancellor to plough £1bn in fines raised from banks found guilty of manipulating foreign exchange markets into the NHS.

In a speech to Labour's East of England regional conference in Ipswich today, the Shadow Chancellor called on George Osborne to use next month's Autumn Statement to give "an immediate boost to our health service".

"The fines levied on banks for foreign exchange manipulation should now be used for a wider good," Mr Balls said.

"And I believe an immediate boost to our National Health Service, which is going backwards under the Tories, must be a priority." [more at link]

https://www.politicshome.com/uk/story/45544/

Although I shouldn't have to make such a sacrifice in the first place personally i'd happily wait an extra 30mins to see my GP or delay an x-ray appointment by a day or two in return for the satisfaction of seeing just at least ONE director or other similarly senior banking executive actually go to JAIL for the various crimes they have been fined for instead. The longer term benefit to society, in terms of better and more prudent behaviour, by jailing these b*stards will be far greater than the one time short lived benefit (if any!) to the NHS from a piddly £1bn.

Edited by anonguest

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christ I despair

so if it were £2bn, chuck that at it? The NHS is gaseous and will expand to whatever stimulus it is given as ill health (or at least improved palliative care) is boundless

how about putting it towards enhanced credit for exporters

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From the BBC link


He added that some of the remaining money from the fines should go to boosting the work of the Serious Fraud Office, which investigates and prosecutes some serious or complex fraud cases.

The word some added for accuracy and clarity.

Edited by billybong

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From the BBC link


"This will allow us to deliver 20,000 more nurses and 8,000 more GPs. We will guarantee that people will not have to wait more than a week for a cancer test or 48 hours for a GP appointment," Mr Balls said.

Diagnosing illnesses where they actually exist and when they're treatable and if treatment is necessary etc etc is of course good but if they're not careful they'll be putting a bounty for diagnosing anything and everything like the bounty they've apparently introduced (or possibly going to introduce) for diagnosing alzheimers.

Some parts of the NHS are starting to look a bit like the movie


http://

en.wikipedia.org/wiki/The_Bounty_Hunter_%282010_film%29

Note: That isn't a criticism of the NHS say versus an insurance system etc it's a criticism of the direction that the NHS might be taking and being driven towards by the UK's self serving politicians etc etc.

Edited by billybong

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Ed Balls has urged the Chancellor to plough £1bn in fines raised from banks found guilty of manipulating foreign exchange markets into the NHS.

In a speech to Labour's East of England regional conference in Ipswich today, the Shadow Chancellor called on George Osborne to use next month's Autumn Statement to give "an immediate boost to our health service".

"The fines levied on banks for foreign exchange manipulation should now be used for a wider good," Mr Balls said.

"And I believe an immediate boost to our National Health Service, which is going backwards under the Tories, must be a priority." [more at link]

https://www.politicshome.com/uk/story/45544/

I have a better idea.

why don't you use that 1bn to scrap business rates in the north of england and get some industry back there.

when they start to export/employ you will get the money back...And you can spend that billion,and then some generated by impoved tax take.

just putting it into the NHS without return on capital is a black hole.

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When will any party bite the bullet and start charging? Was talking to a Swedish friend the other day - Sweden being in many people's minds the socialist utopia with high taxes and everything 'free'. They pay around £7 to see GP or at A and E. On a recent visit home she hurt her foot and had to pay twice at A and E - once to see a doctor and again for the X ray. And there is a 'hotel' charge per day for hospital admission - I think she said about £8.

I believe there are charges in France, too.

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How about putting it into a wealth fund and we can draw off the interest..... £10. ;)

You might be onto something here.

How about instead we use it to start a fund with the express remit to lend small businesses - say those with fewer than 10 employees and at the BofE interest rate plus the cost of administration - across the country? £1bn is not that much, but would be a good start.

Then every time the banks commit wholesale fraud - and there will be more times unless we get meaningful reform of the financial sector - we could use the money to actually promote real business activity that actually helps create wealth, rather than continuing to support state-backed fraudulent parasitic financial institutions that suck it from the productive economy.

Perhaps if the Post Office network hadn't been sold off on the cheap to those "long term" investors, it could have been used to administer the funds locally, and local people could have a say in which type of businesses to support. Local shops or services etc.

Then perhaps we could have local self-sufficient businesses, sheltered from the predatory bait-and-switch lending practices of the high street banks, and in some way shielded from the worst of the global financial volatility that periodically rocks the market and disproportionately affects small players. Then perhaps people could take pride in their communities and restore their faith in self-sufficiency, rather than relying on state handouts to top-up their meagre wages from working at some faceless global corporation on a zero-hours, below living wage pittance.

Sorry, I'm rambling...

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You might be onto something here.

How about instead we use it to start a fund with the express remit to lend small businesses - say those with fewer than 10 employees and at the BofE interest rate plus the cost of administration - across the country? £1bn is not that much, but would be a good start.

Then every time the banks commit wholesale fraud - and there will be more times unless we get meaningful reform of the financial sector - we could use the money to actually promote real business activity that actually helps create wealth, rather than continuing to support state-backed fraudulent parasitic financial institutions that suck it from the productive economy.

Perhaps if the Post Office network hadn't been sold off on the cheap to those "long term" investors, it could have been used to administer the funds locally, and local people could have a say in which type of businesses to support. Local shops or services etc.

Then perhaps we could have local self-sufficient businesses, sheltered from the predatory bait-and-switch lending practices of the high street banks, and in some way shielded from the worst of the global financial volatility that periodically rocks the market and disproportionately affects small players. Then perhaps people could take pride in their communities and restore their faith in self-sufficiency, rather than relying on state handouts to top-up their meagre wages from working at some faceless global corporation on a zero-hours, below living wage pittance.

Sorry, I'm rambling...

ok so we need to do something totally off the wall and pay for a postal "maglev-tube" system running through the sewage and water grid systems.most of the time these are running at less than 10% capacity, maybe 50% in heavy deluge.

then royal mail can fling these postal capsules to pretty much any part of the UK without hindrance of traffic jams for their lorries on the M25

it'll be much faster and much cheaper.

link it in with the likes of amazon.com or a few other biggies and it'll p1ss all over their proposed drone system as well.(fwiw drones fly maybe 30mph max, which is probably still quicker than the london orbital car park- but if done right, this could supply goods at 150-200mph)

buy online at 2am in the morning and it'll be at the local sorting office by 6am.

Edited by oracle

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