£105m Lloyds fine to go to Armed Forces charities
It was announced today that fines on Lloyds Banking Group this week for manipulation of financial benchmarks will be allocated to good causes supporting the Armed Forces community as well as other charitable bodies and organisations.
The fines, which amount to approximately £100 million, will be used to support a range of charities and good causes and builds on the significant sums already provided to support the Armed Forces Covenant, Armed Forces charities and other activities such as the Youth United Network.
The Prime Minister and the Chancellor made the announcement as they visited a Royal Marines base in Poole, Dorset, where they met with some of the families who will benefit from the construction of a new facility for service families.
Chancellor George Osborne said:
"I’m pleased to be able to allocate the fines paid by Lloyds Bank to help charities and good causes supporting our Armed Forces community. 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."
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