How banking fines are supporting good causes

We take a look at some of the military good causes and emergency services charities that have received funding from banking fines.

From 1 April 2012 there was a change in the law so that fines paid by banks and others for breaking the rules, started to benefit the public, not other banks.

A lot of the money has come from the London inter-bank lending rate (Libor) fund. This is made up of money paid in fines by banks that have been found guilty of manipulating Libor.

Chancellor of the Exchequer, George Osborne said:

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.

Since 2012 more than £500 million from banking fines have been pledged by the Chancellor towards military good causes and emergency services charities.

Over 200 causes and charities across the United Kingdom have so far benefited from this funding.

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The Armed Forces Covenant

The Armed Forces Covenant was set up in 2011 to redress the disadvantages that the Armed Forces community faces in comparison to other citizens, and to recognise the sacrifices that they have made.

In December 2012 the government transferred £35 million from the Libor fund to the Ministry of Defence to use in supporting the armed forces community. 

This £35 million fund has been used to support 96 Armed Forces charities and good causes. For example:

* Veterans First Point (V1P), received £2,560,586 to establish a number of mental health support centres in Scotland, for veterans

* Combat Stress is using £575,268 to provide a 24-hour helpline for veterans providing welfare advice, support and guidance.

* Tickets for Troops received £160,000 to provide free tickets to musical, sporting, entertainment and cultural events for distribution to Service personnel and those who have been medically discharged

* the Soldiers, Sailors, Airmen and Families Association (SSAFA) received £1.1 million to fund support groups for families dealing with loss or struggling to cope with an injured loved one

Ceramic poppy display to commemorate World War One

£1.1 million was used to waive the VAT on the sale of the 888,246 ceramic poppies on display at the Tower of London last autumn. PA Images

£1.1 million was used to waive the VAT on the sale of the 888,246 ceramic poppies on display at the Tower of London last autumn, to commemorate the First World War. This money was instead donated to six charities who provide valuable support to injured Armed Services personnel and their families, like Help for Heroes.

The government also donated £550,000 so that with support from Backstage Trust and the Clore Duffield Foundation two of the poppy sculptures, Wave and Weeping Window could go on tour around the country.

Tour details

Wave will be on display at the Yorkshire Sculpture Park from 5 September until January 2016. Weeping Window will be exhibited at Woodhorn Museum, Northumberland, and then St George's Hall in Liverpool. The locations for 2016 are due to be announced on 16 September 2015.

Chancellor of the Exchequer, George Osborne said:

I'm delighted that people here in Yorkshire, as well as others across the country, will be able to see these fantastic displays and pay their respects to those who sacrifice everything to protect British freedoms.

Wave at Yorkshire
Sculpture Park

Wave will be on display at the Yorkshire Sculpture Park from 5 September until January 2016.

Virgin Money Foundation

The government's providing £4 million pound over four years to the Virgin Money Foundation, with that money being matched by Virgin Money. The Foundation will initially focus on community projects in the North-East, overtime growing to become a national charity.

The Foundation will promote the sustainable regeneration of economically and socially deprived communities in the UK. This will include providing social investment in community housing and building projects, promoting opportunities for youth work and training, as well as investing in projects designed to relieve unemployment
A general view up the River Tyne from Newcastle Quayside - PA Images

£1 million to support 
the Invictus Games

The  government donated £1 million to support the inaugural Invictus Games. PA Images

The Invictus Games, championed by Prince Harry through his role in the Royal Foundation saw more than 400 wounded, injured and sick Servicemen and women, serving and veteran, compete in athletics, archery, wheelchair basketball, road cycling, indoor rowing, wheelchair rugby, swimming and sitting volleyball, in London in the September of 2014. The government donated £1 million to support the inaugural games.

Teams from the armed forces of 13 nations that have served alongside each other, competed in nine sports in five venues over four days of intense sporting action. 

The next Invictus Games are to be held in Orlando in 2016.

At Budget 2015 the government committed  £75 million of LIBOR fines over the next 5 years to support military charities and other good causes.

Budget 2015

At Budget 2015 the government committed £75 million of LIBOR fines over the next 5 years to support military charities and other good causes, including:

* Veterans Specialist Mobility Fund: £3 million over 5 years to the Royal British Legion to support members of the Armed Forces across the UK with mobility injuries

* Afghanistan Regiments: £10 million allocated to armed forces charities on the basis of need arising from the Afghanistan campaign

* Afghanistan Memorial: £500,000 to match public donations for the new Iraq and Afghanistan war memorial planned for central London

* VE Day: up to £2 million to support the 70th anniversary commemoration of VE Day

65 Degrees North

On day 11 of the trek across the Greenland icecap, the 65 Degrees North Team received a surprise phone call from the Chancellor. - Image courtesy of 65 Degrees North.

At Budget 2015 £100,000 of the funding announced by the Chancellor was used to support 65 Degrees North to record the world's first unsupported crossing of the Greenland icecap by an armed force’s veteran amputee.

On day 11 of the trek the Chancellor made a surprise phone call to the team.

Air ambulances

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Overall the government has pledged over £23 million to air ambulance charities and refunded the VAT on operational costs, equivalent to £25 million over the next five years

On August 25 2015, the Chancellor pledged £1 million towards a new helicopter for Yorkshire Air Ambulance.

View our interactive map to see how the government’s helping to support air ambulances in your area.