Philip Hammond 'to pledge £4.5m of bank fines to wounded war veterans'

Posted On: 
22nd November 2017

Philip Hammond is reportedly set to hand £4.5m raised through Libor fines to veterans causes such as charity Help for Heroes.

£773m raised for Libor fines has already gone to military and emergency service charities
PA Images

The Sun says the organisation will be given £1.5m to fund a  support programme for seriously injured former troops as part of the Chancellor’s set-piece Budget.

The paper also claims the cash will fund “life-enhancing equipment” for military victims of severe brain injuries - such as a computer controlled by eye movement.

£500,000 LIBOR boost for Veterans Aid hostel

George Osborne: Libor fine will go to injured soldiers

Lloyds Libor fine given to charities

Furthermore, the UK’s first ever specialist research centre at Birmingham’s Queen Elizabeth Hospital will receive £2.95m, to help those afflicted with serious scars.

The funding for the Scar Free Foundation Centre for Conflict Wound Research will aid the recovery of bomb blast and burns victims.

The Chancellor’s grants will be among a total of more than £30m raised through the fines which followed fraudulent rigging by banks, the paper adds.

A total of £773m has gone to military and emergency service charities since 2012 under the scheme, when Chancellor George Osborne introduced plans to divert the funds.

Melanie Waters, the CEO of Help for Heroes said: “These veterans are among the most inspirational and driven of our society.

“But it is a sad reality that their wounds and injuries are so severe that until now their needs could not be met because they were so complex.

“We are pleased that these needs have finally been recognised.”

She added: “We consider it our duty to ensure the government understands more about wounded veterans’ needs so that they can use this time to develop a package of support truly fit for purpose”.