UK banks Libor fines given to military charities

Money that has been gathered from UK banks in Libor fines has been given to 24 military charities. The £12m instalment will be used to fund projects including housing and mental health support schemes for military veterans. Chancellor George Osborne said of the latest instalment: “It is right that money paid in fines by people who demonstrated the worst of the values in our society is now being used to help and support those who demonstrate the very best.” The latest instalment means a total of £35m has now been distributed to 96 charities from fines imposed on the banking industry for rigging the benchmark interest rate. Chancellor George Osborne recently announced during the autumn statement, that a further £100m of Libor fines would be distributed to “reflect our society’s debt of gratitude to our servicemen and women, and their families” and would be extended to those who “care for the work of our police, fire and ambulance services”. The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. Setfords Solicitors are a national full service law firm, with conveyancing solicitors in Guildford and across the country.