LIBOR fines to be used to support military charities and Royal Voluntary Service

Veterans, Special Forces and a charity supported by Jo Cox MP to benefit from £14.4 million funding from banking fines.

The Chancellor has announced today (Tuesday 12 July 2016) that 9 charities, including a cause supported by the late Jo Cox MP, will receive over £14 million funding.

The funding comes from fines levied on the banking industry for manipulating the LIBOR rate and include:

  • £375,000 for the Royal Voluntary Service – one of the causes backed by the Jo Cox memorial fund
  • £1.9 million for new buildings for pre-school age children of SAS personnel
  • £2.2 million for new recovery and well-being facilities for current and veteran SBS personnel
  • £550,000 to secure flights to the Falklands for veterans over the next three years, including the 35th anniversary of the conflict in 2017
  • more than £2 million to excavate HMS Invincible shipwreck in the Solent, the project will also train veterans, serving personnel and disadvantaged teenagers
  • £100,000 for an expedition for wounded veterans to climb Antarctica’s highest mountain
  • £5 million for the Aged Veterans Fund which looks after health, wellbeing and social care needs for veterans born before 1 January 1950
  • £2.25 million to support D-Day veteran visits to Normandy, including the 75th anniversary in 2018

Chancellor George Osborne said:

I am proud to be supporting causes that will make a real difference to those dedicated to serving their country. It is right that funding from those in the banking industry who demonstrated the worst of values goes towards people who display the very best of British values.

Read more: LIBOR fines to be used to support military charities and Royal Voluntary Service

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