MOSCOW, November 23 (Sputnik) — UK Labour Party's Shadow Chancellor Ed Balls has urged to spend one billion pounds (over $1.5 billion) from banking fines on the National Health Service (NHS).
"In next month's Autumn Statement [Conservative Party member] George Osborne should use one billion pounds of the fines from the banks for an immediate boost to our health service," Balls was quoted as saying by the BBC.
The politician noted that the country's health care was not becoming more affordable or convenient under UK Prime Minister David Cameron's policies.
"Three billion pounds has been wasted on a top-down reorganization while nurses and frontline staff have been lost. And cancer treatment targets have now been missed for three quarters in a row," Balls added.
Earlier in November, the Financial Conduct Authority (FCA) imposed fines on five banks for manipulating foreign exchange markets, with the total amount of fines exceeding one billion pounds.
The Autumn Statement is expected to be made on December 3 and will serve to update members of parliament on the government's taxation and spending plans.