Chancellor George Osborne has allocated a further £100m from Libor fines to military charities and support for those working in the emergency services
In his Autumn Statement today, Osborne said: “I want to make a further £100m of Libor fines available to our brilliant military charities and extend support to those who care for the work of our police, fire and ambulance services.”
The newly-launched Time:Reboot VCT, which will invest solely in companies run by British military veterans, has pledged to return up to £30,000 a year from its returns to a charity supporting the start-ups of former servicemen.
VCT fund manager Stuart Nicol says he hopes some of that funding will go towards backing former-military entrepreneurs so they can use their skills to become wealthy and become potential philanthropists themselves.
“Today there are over two million veterans in the UK of working age and this number is growing as a result of defence cuts. With the right support and guidance, we believe that many ex-military people have the right qualities to make them stand out in the business world: leadership, resilience under pressure, determination and the ability to bring a fresh perspective enabling them to identify new opportunities. That’s why we’ve decided to invest in commercially proven businesses backed by ex-military personnel,” he says.
A host of banking organisations have been fined for their involvement in rigging the Libor rate.
Rabobank was fined £105m by the FCA in September as part of a package of £622m paid out to the US, UK and Dutch regulators.
RBS was forced to pay a £390m Libor fine in February this year.
Other banks including Barclays and UBS have also been hit with fines.