Blind veterans to benefit from Libor cash

(EPA)

Blind armed forces veterans are among those who will benefit from multimillion-pound fines paid by banks over a major rate-rigging scandal.

The Treasury announced that 16 military good causes would share £2.5 million from a fund created from penalties levied on banks over the manipulation of the Libor inter-bank lending rate.

It is the latest tranche of cash to be dispensed from the £35 million pot, bringing to £9 million the total given to 49 charities.

The biggest beneficiary in the latest round of allocations will be Blind Veterans UK, which is to receive £1 million to refurbish its Brighton Blind Veterans Centre.

The centre provides former soldiers with accommodation and care services and the refurbishment project is expected to improve the quality of life for permanent residents and those visiting on short stays.

Elsewhere, Cruse Bereavement Care is to receive £518,810 to develop support services for military families.

Another beneficiary is Royal British Legion Industries, which is line for £241,000 for a programme helping armed forces spouses to develop job skills.

Chancellor George Osborne said: "I am delighted that we have been able to provide this support to the armed forces charities, those that demonstrate the best of British values.

"It is right that these fines, levied on banks for manipulating the Libor rates, will be used to provide those serving, veterans and their families with the support they need."

The remaining funds from the Armed Forces Covenant (Libor) Fund will be allocated over the next two years to be completed by March 2015.

PA