ChatterBank7 mins ago
Bank Fines
I see today that Lloyds bank got fined £117m. Where does that money go ? Same as when a big corporation does something wrong or even a football team or player....where do all the fines go ?
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Since April 2012, however, the money collected from fines has gone straight to the Treasury. Last tax year, after "enforcement fees" of £40m, the government received £341m in fines from financial institutions - not a significant sum relative to the government's total receipts of about £600bn, but a not insignificant bonus none the less.
This tax year, the total will be higher still.
The money goes into what is called the consolidated fund, which is effectively the government's current account for general expenditure.
But the Treasury has stated specifically that it intends to give money collected in Libor-related fines so far to military charities. In October, the government announced it would pay £35m to the armed forces community .
Among the recipients are Help for Heroes - which will receive £2.7m to support veterans suffering from mental health issues - the Royal Marines Families and Veterans Centre in Dorset, which is getting £2.3m, and Army Play, which was awarded £1.5m.
The government has also committed to transfer £10m a year from Libor fines "in perpetuity" to armed-forces charities.
And in the recent Autumn Statement, the chancellor announced that a further £100m of Libor-related funds would go not only to "our brilliant military charities" but "to extend support to those who care for the work of our police, fire and ambulance services".
However, the Treasury has given no indication of what the money will be spent on in future years.
from the link
Since April 2012, however, the money collected from fines has gone straight to the Treasury. Last tax year, after "enforcement fees" of £40m, the government received £341m in fines from financial institutions - not a significant sum relative to the government's total receipts of about £600bn, but a not insignificant bonus none the less.
This tax year, the total will be higher still.
The money goes into what is called the consolidated fund, which is effectively the government's current account for general expenditure.
But the Treasury has stated specifically that it intends to give money collected in Libor-related fines so far to military charities. In October, the government announced it would pay £35m to the armed forces community .
Among the recipients are Help for Heroes - which will receive £2.7m to support veterans suffering from mental health issues - the Royal Marines Families and Veterans Centre in Dorset, which is getting £2.3m, and Army Play, which was awarded £1.5m.
The government has also committed to transfer £10m a year from Libor fines "in perpetuity" to armed-forces charities.
And in the recent Autumn Statement, the chancellor announced that a further £100m of Libor-related funds would go not only to "our brilliant military charities" but "to extend support to those who care for the work of our police, fire and ambulance services".
However, the Treasury has given no indication of what the money will be spent on in future years.
Blimey I thought fines always went into the central fund ( MPs pensions and pay rises and furry wall paper for offices in Whitehall and other necessities of life )
sort of recycling as the £117m wouldnt go to shareholders ....
this is a particular problem with nationalised industries
( money is kinda short circuited and no one learns any lessons )
sort of recycling as the £117m wouldnt go to shareholders ....
this is a particular problem with nationalised industries
( money is kinda short circuited and no one learns any lessons )
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