Libor fines to be spent on air ambulances and forces charities

 
Tim Wallace
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“Libor fines will continue to support our military and emergency service charities” (Source: Getty)
Hundreds of millions of pounds in Libor fines will go to air ambulances, Gurkha and veterans’ hearing charities, the chancellor said yesterday.

Banks paid the fines after their traders were accused of trying to manipulate key interbank interest rate Libor.

The pledge comes after Osborne announced the fines for foreign exchange benchmark manipulation would be spent as part of a £2bn boost for the NHS, focused on general practitioners’ practices.

“Libor fines will continue to support our military and emergency service charities with support for our armed services benevolent charities, the Gurkhas, and £10m for veterans with hearing problems,” Osborne said.

“We will use Libor money for new helicopters for the Great Western Air Ambulance, and the Kent, Surrey and Sussex Air Ambulance too.”

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