Cocaine users have "blood on their hands" and should be fined up to 100 per cent of their income if caught in possession, MPs have heard.
Conservative MP Charles Walker said the "mayhem and destruction and tragedy" of knife crime is being fuelled by the cocaine trade.
He said cocaine users, including city traders and MPs, should be made to pay in a bid to remove drugs from the streets.
Mr Walker said anyone caught in possession should be fined a third of their income. On the second strike, they should be fined 50 per cent, and the third time they are caught, 100 per cent.
Addressing the House of Commons during a debate on the Offensive Weapons Bill, Mr Walker said: "If we are to reduce knife crime, we need to address the issue of drug usage.
"So many of the young people dying in our communities are dying as a result of the drugs trade and, in particular, cocaine."
Mr Walker went on to attack cocaine users, saying: "I think it is appalling that you have the chattering classes wherever you may find them, whatever their politics, wringing their hands about the deaths of mostly young men and children on our streets, and then, moments later, too many of those people shoving a line of cocaine up their noses.
"That isn't a line of white powder, that is a line of blood and users of cocaine have blood on their hands, the lives of many many young people and children.
Mr Walker outlined how cocaine users should give up large amounts of their income if found with the drug.
He said: "If you are caught in possession of cocaine, if you are responsible for the deaths on our streets, then you should be fined accordingly.
"Let us say you are a city trader on £300,000 a year, you should be fined a third of your income if you are caught in recreational possession. Then users might start to think.
"If they don't care about the young lives being lost on the streets, they might start thinking about the consequences to themselves and their finances.”