The government has announced that LIBOR fines are to be donated to charity, including a cause backed by the Jo Cox memorial fund.
Nine charities will receive a share of more than £14m, raised from fines levied on the banking industry for manipulating the LIBOR rate.
The funding includes:
- £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
The Aged Veterans Fund‘s (AVF) £5 million will go towards projects that support the health and social care needs for older veterans over the age of 66, including surviving World War 2 soldiers. The next round of grants from the AVF will be made in September 2016.
General Sir Andrew Ridgeway, chairman of Cobseo, the Confederation of Service Charities said:
“The additional funding announced by the Chancellor for the Aged Veterans Fund will make a significant difference to the outstanding work undertaken to support the additional health, wellbeing and social care needs of this group of people who have served this country with such distinction. This will permit an increased number of veterans to access these important services.”
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