Bank fines helping to support military charities

Banking industry fines are set to be used to help support military charities, the government has announced. Over £14 million in funding will be given to nine military charities, including a cause that was supported by the late Jo Cox MP. 

The money is coming from fines that the banking industry has had to pay as a result of their manipulation of the LIBOR rate. These funds will be split between the charities to help support the day-to-day work they do with military veterans.

Around £5 million is being given to the Aged Veterans Fund, helping to look after veterans who were born before January 1st, 1950. Veteran D-Day visits to Normandy will also be receiving £2.25 million, while £550,000 will be used to secure flights for veterans to the Falklands over the next three years. 

One of the causes backed by the Jo Cox memorial fund, Royal Voluntary Service, will be receiving £375,000. Wounded veterans will be getting £100,000 to help fund an exhibition to Antarctica's highest mountain, while over £2 million is going to be used for the excavation of the HMS Invincible shipwreck.

Some £1.9 million will provide new buildings for young children of SAS personnel and £2.2 million will go toward new recovery and well-being facilities for current and veteran SBS personnel.

George Osborne, who announced the funding, 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… Our special forces are the envy of the world, and it is our duty to look after them and their families."

All the funding will help to support those who are still in the military and veterans, providing support for charities that do great work every day.