The Prime Minister and the Chancellor have today announced that fines levied by UK regulators on Lloyds Banking Group this week for manipulation of financial benchmarks including the London Interbank Offered Rate (LIBOR) will be allocated to good causes supporting the Armed Forces community as well as other charitable bodies and organisations.
The fines, which amount to approximately £100 million, will be used to support a range of charities and good causes and builds on the significant sums already provided to support the Armed Forces Covenant, Armed Forces charities and other activities such as the Youth United Network.
The Prime Minister and the Chancellor made the announcement as they visited a Royal Marines base in Poole, Dorset, where they met with some of the families who will benefit from the construction of a new facility for service families.
Chancellor George Osborne said:
I’m pleased to be able to allocate the fines paid by Lloyds Bank to help charities and good causes supporting our Armed Forces community. We’re using the money raised from fines on those who demonstrated the very worst of values in our society to support those who demonstrate the very best.
Some of the charities and good causes which will be supported by this latest allocation include:
- The Royal Marine’s charity appeal, which will receive a £1m donation in its 350th year
- Ministry of Defence physical and psychological rehabilitation programmes, which will receive an additional £10m to help ensure wounded soldiers carry on getting the long term support they need
- Military doctor/nursing training and bursary payments will receive extended funding so that our Forces continue to get the best people to provide the best possible treatment and levels of care wherever they are serving around the world
With today’s further allocation of bank fines to the military good causes, the government will be allocating over £300 million received from the fines paid by banks to support the Armed Forces Covenant and wider organisations and charitable bodies.