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The Chancellor has today announced that a further 拢1.3 million will be given to causes and charities supporting the armed forces community. This money comes from fines levied on banks for attempting to manipulate the London Interbank Offered Rate (LIBOR) benchmark. The Government has already allocated 拢1 million of fines revenue to the Fisher House Project at Queen Elizabeth Hospital Birmingham in December 2012, alongside 拢1.5 million from Help for Heroes and 拢1.3 million from the Fisher House Foundation.

The selected causes and charities are:

• The Soldiers, Sailors, Airmen and Families Association (SSAFA), which will receive 拢1,100,000 to fund support groups for families dealing with loss or struggling to cope with an injured loved one;
• The Felix Fund will receive 拢65,000 to provide normalisation breaks for all 32 Explosive Ordnance Disposal teams expected to return from Afghanistan in the next 12 months. These breaks reunite the teams after their post-tour leave for five days and include outdoor pursuits such as rock climbing, abseiling and caving;
• Tickets for Troops will receive 拢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;
• Speaking at the Fisher House Project in Birmingham, the Chancellor said:
  鈥淥ur servicemen and women make huge sacrifices on behalf of our country and represent the best of British values. That鈥檚 why it is right that money received from fines banks are paying for attempting LIBOR manipulation will be used to provide our armed forces, and their families, with the support they need.鈥�

Notes for Editors

1. The Government allocated the 拢35 million to the Covenant Reference Group to support the Armed Forces Covenant. The remaining funds will be allocated over the next two years.

2. Fisher House is a purpose-built 18 room facility for military patients and their families within walking distance of the Queen Elizabeth Hospital. The 拢1 million provided by the Government in December 2012 completed the capital fundraising and allowed work to complete.