News story

£3 million boost for Royal Navy charities from LIBOR funds

This news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

News follows the Chancellor’s pledge in December that all proceeds from LIBOR fines would be spent on military and blue light causes.

The Chancellor of the Exchequer, George Osborne, today (Friday 30 January) announced £3 million for causes which support the families of the Royal Navy alongside projects which showcase Naval history.

Funding was announced as the Chancellor paid a visit to the Royal Navy Docks in Portsmouth as he confirmed that the money would come from the fines levied on banks for manipulating the London Interbank Offered Rate (LIBOR) financial benchmark.

The projects set to benefit from the funding announced today include:

  • £1 million for the Royal Navy and Royal Marines Charity to support Royal Navy personnel and their families in Portsmouth through projects including refurbishing the Warrant Officers Mess in HMS Sultan and renovating Navy Mews to provide flats so families can spend time with their loved ones in Portsmouth if they are deploying

  • £1 million for the Royal Navy and Royal Marines Charity to enable support for a number of projects including help for the Naval Families Federation

  • £1 million to support the Royal Navy Museum and the Royal Navy Heritage Flying Trust (RNHF) to deliver historical projects and attract tourism to Portsmouth. The funding will go towards restoring the LCT 7074 (World War II landing Craft) and to fund essential long term repairs to the Swordfish historic flight – the first Carrier borne aircraft for the Royal Navy.

Chancellor of the Exchequer George Osborne said.

It is fitting that the money paid in fines by people who demonstrated the poorest values in our society is used to support those who demonstrate the very best.

Servicemen sacrifice so much to keep our nation safe and we will invest £3 million investment into projects such as refurbishing the Mess at HMS Sultan and renovating the Navy Mews so they can spend times with their loved ones when they are deploying.

The money will also go towards supporting the Royal Navy Museum and the Royal Navy Heritage Flying Trust so that future generations will always know the stories of the sacrifices made by our hardworking servicemen and their families.

Today’s announcement follows the Chancellor’s pledge in December last year that all proceeds from LIBOR fines would be spent during this parliament on military and blue light causes.

So far, funding has been awarded to a range of projects from the Invictus Games to mental health support for ambulance, police and fire services.