Fines for rate-rigging City banks will be used to help fund veterans' charities

Up to £40m in Libor fines to be used

Millions of pounds in fines levied on City rate-riggers will fund accommodation schemes for thousands of hard-up forces' veterans, it has been announced.

Up to £40 million from Libor fines imposed on banks will help veterans' charities build new homes, buy new accommodation and spruce up ageing facilities.

Projects are expected to include homeless hostels and half-way houses for veterans who have fallen on hard times, supported housing for the wounded, injured and sick, and care homes.

The announcement was made by Defence Minister Anna Soubry at Blind Veterans UK in Brighton, East Sussex, which has previously received £1 million to refurbish accommodation facilities

Partially-sighted former RAF chef John Cunnington, 68, visits the charity's base overlooking the English Channel once a week.

He has taken advantage of facilities there, including archery and an indoor swimming pool, since experiencing sight problems around 15 months ago.

Mr Cunnington, from Polegate, near Eastbourne, said: "The first thing that you learn when you come here is that there are no boundaries.

"When you first come here, you feel like you are boxed in, but the people here show you that you can do whatever you like. It's such a confidence booster."

Blind Veterans UK was founded as St Dunstan's in 1915, and helps blind ex-service men and women overcome the challenges of blindness.

In the past year, around 2,300 veterans have benefited from £35 million handed out to Libor-related projects.

Ms Soubry said: "The men and women of our Armed Forces have served their country with honour and bravery so it is only right that we help meet their housing needs when they have fallen on hard times, been wounded in service or need day-to-day care and support once they have left the Armed Forces.

"I am delighted that we have been able to double the amount we have already invested in projects through the Libor fines."

PA

Start your day with The Independent, sign up for daily news emails
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Software Testing Manager

£30000 - £60000 per annum: Recruitment Genius: This is an opportunity to join ...

Recruitment Genius: Visitor Experience Coordinator

£17600 per annum: Recruitment Genius: This museum cares for one of the largest...

Recruitment Genius: Telesales Consultant - OTE £25,000

£16000 - £20000 per annum: Recruitment Genius: A fantastic opportunity has ope...

Recruitment Genius: Pricing & Purchasing Analyst

£15000 - £35000 per annum: Recruitment Genius: One of the largest independent ...

Day In a Page

Turkey's conflict with Kurdish guerrillas in Iraq can benefit Isis in Syria

Turkey's conflict with Kurdish guerrillas in Iraq can benefit Isis in Syria

Turkish President Erdogan could benefit politically from the targeting of the PKK, says Patrick Cockburn
Yvette Cooper: Our choice is years of Tory rule under Jeremy Corbyn or a return to a Labour government

Our choice is years of Tory rule under Corbyn or a return to a Labour government

Yvette Cooper urged Labour members to 'get serious' about the next general election rather than become 'a protest movement'
Singapore's domestic workers routinely exploited and often abused in the service of rich nationals

Singapore's hidden secret of domestic worker abuse

David Cameron was shown the country's shiniest veneer on his tour. What he didn't see was the army of foreign women who are routinely exploited and often abused in the service of rich nationals
Showdown by Shirley Jackson: A previously unpublished short story from the queen of American Gothic

Showdown, by Shirley Jackson

A previously unpublished short story from the queen of American Gothic
10 best DSLRs

Be sharp! 10 best DSLRs

Up your photography game with a versatile, powerful machine
Solved after 200 years: the mysterious deaths of 3,000 soldiers from Napoleon's army

Solved after 200 years

The mysterious deaths of 3,000 soldiers from Napoleon's army
Every regional power has betrayed the Kurds so Turkish bombing is no surprise

Robert Fisk on the Turkey conflict

Every regional power has betrayed the Kurds so Turkish bombing is no surprise
Investigation into wreck of unidentified submarine found off the coast of Sweden

Sunken sub

Investigation underway into wreck of an unidentified submarine found off the coast of Sweden
Instagram and Facebook have 'totally changed' the way people buy clothes

Age of the selfie

Instagram and Facebook have 'totally changed' the way people buy clothes
Not so square: How BBC's Bloomsbury saga is sexing up the period drama

Not so square

How Virginia Woolf saga is sexing up the BBC period drama
Rio Olympics 2016: The seven teenagers still carrying a torch for our Games hopes

Still carrying the torch

The seven teenagers given our Olympic hopes
The West likes to think that 'civilisation' will defeat Isis, but history suggests otherwise

The West likes to think that 'civilisation' will defeat Isis...

...but history suggests otherwise
The bald truth: How one author's thinning hair made him a Wayne Rooney sympathiser

The bald truth

How thinning hair made me a Wayne Rooney sympathiser
Froome wins second Tour de France after triumphant ride into Paris with Team Sky

Tour de France 2015

Froome rides into Paris to win historic second Tour
Fifteen years ago, Concorde crashed, and a dream died. Today, the desire to travel faster than the speed of sound is growing once again

A new beginning for supersonic flight?

Concorde's successors are in the works 15 years on from the Paris crash