The new funding, guaranteed through LIBOR (London Interbank Offered Rate) fines imposed on banks, has doubled the total amount the government has given to armed forces’ and veterans’ charities through this scheme, which is part of the nation’s commitment to the armed forces covenant.
Thousands of veterans are expected to benefit from this additional £40 million, which will help charities build new homes, buy new accommodation or spruce up old facilities. Projects are expected to include hostels and half-way houses for veterans who have fallen on hard times, supported housing for the wounded, injured and sick, and long-term care homes.
Defence Minister Anna Soubry: “I am delighted that we have been able to double the amount we have already invested in projects through the LIBOR fines. This new funding demonstrates our unwavering commitment to our armed forces community and will help transform thousands of lives across the UK.”
Since 2011, the armed forces covenant has helped regular serving personnel in a number of ways, including placing them at the top of the priority list for the government’s £500 million FirstBuy scheme in England, providing £150 million for the purchase of over 700 properties, and doubling the tax-free operational allowance.