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UK distributes LIBOR fines paid by banks among military charities

Wednesday, September 11th 2013 - 23:42 UTC
Full article 4 comments
Osborne: “fines levied on banks for manipulating LIBOR rates will be used to provide those serving, veterans and their families” Osborne: “fines levied on banks for manipulating LIBOR rates will be used to provide those serving, veterans and their families”

Almost £2.5 million to go to the British armed forces community, including those currently serving, veterans and families. Armed forces charities and good causes are to benefit from the latest tranche of funding from the £35 million Armed Forces Covenant (LIBOR) Fund, the government has announced.

Sixteen military causes are sharing almost £2.5 million in the latest allocation of the fines levied on banks for attempting to manipulate the London Interbank Offered Rate (LIBOR) benchmark. This latest announcement means over £9 million in total has been given to Armed Forces good causes through the 49 charities that have secured funding.

The projects announced will benefit the whole armed forces community, including those currently serving, veterans and families. The charities cover a diverse range of causes and will have an impact across the country.

The Chancellor of the Exchequer, George Osborne said he was delighted to provide this support to the armed forces charities, ‘those that demonstrate the best of British values’.

“It is right that these fines, levied on banks for manipulating the LIBOR rates, will be used to provide those serving, veterans and their families with the support they need” added Osborne.

The Armed Forces Covenant sets out the relationship between the British nation, the state and the armed forces. It recognizes that the whole nation has a moral obligation to members of the armed forces and their families and it establishes how they should expect to be treated.

The government allocated £35 million to the Covenant Reference Group to support the Armed Forces Covenant. The remaining funds will be allocated over the next two years. The allocations will be completed by March 2015.
 

Categories: Politics, International.

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  • Britworker

    I can't think of a better place for that money to go.

    Sep 12th, 2013 - 02:25 am 0
  • JimHandley

    For: 1 Britworker.

    I agree,Mate. But...

    Compared to what is really needed, it’s a pitifully paltry sum. And if the big-earning Bankers and others of the super remunerated elite were appropriately taxed, perhaps serving and former members of our Armed Forces wouldn’t have suffer the indignity of what essentially, is begging for charitable help!

    In my view, it’s high time that the U.K. had summat along the lines of the U.S.V.A. –based on legislation which ENTITLES their former service people to REAL BENEFITS.

    Of course, it’s gratifying to see that belatedly, attitudes have softened somewhat toward those who’ve served our country in War. When ‘my lot’ and I returned from Korea, we got virtually bugger-all. Nevertheless, whilst we were away, the civilians at home had enjoyed a hitherto unprecedented hike in living standards.

    Cheers!

    Jim, in Madrid.

    Sep 12th, 2013 - 06:34 am 0
  • redp0ll

    Well at least UK looks after her war veterans to a certain extent. Does Argentina?

    Sep 12th, 2013 - 11:17 am 0
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