Help for Heroes and the Royal Marines Charitable Trust Fund will receive a share of £100m from fines imposed on Lloyds Banking Group last week for fixing financial benchmarks including the Libor rate, the Chancellor of the Exchequer, George Osborne, has said.
The money, which will be divided among several military good causes as well as charities and causes in other areas, adds to more than £200m already provided to armed forces charities, the Armed Forces Covenant and organisations such as the Youth United Network.
Help for Heroes will receive £3m from the latest fines, according to a spokesman for HM Treasury, while the Royal Marines Charitable Trust Fund has been allocated £1m.
Jonathan Ball, chief executive of the trust fund, which has been holding a charity appeal this year to mark the 350th anniversary of the Royal Marines, said he had not been contacted about the donation. He told Third Sector: "We’ve managed to raise more than £2m this year anyway, so we are an aggressive fundraising charity, and it would be very nice if the money was for us."
The Ministry of Defence physical and psychological rehabilitation programmes will get £10m to help provide long-term support to wounded soldiers, and funding will also be provided for military medical and nursing training and bursaries.
Speaking at a Royal Marines base in Poole, Dorset, on Friday, 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 December, charities, including the Fisher House Project, the Felix Fund, Tickets for Troops and the Soldiers, Sailors, Airmen and Families Association have received money from fines levied on banks involved in Libor rate-fixing.