Budget 2013: armed forces to benefit from fines on banks

George Osborne says funds will go towards Christmas boxes and mental health support Britain’s armed forces are to benefit from the multimillion-pound fines imposed on banks in the wake of the Libor-rigging scandal. George Osborne said an unspecified amount of funds from the £300m windfall would go towards boxes of Christmas gifts for troops serving abroad for the next two years as well as to help veterans with mental health issues via the charity Combat Stress. The chancellor said: “Those who have paid fines in our financial sector because they demonstrated the very worst values are paying to support those in our armed forces who demonstrate the very best of British values.” Osborne made clear last year that he did not want the profit from any fines being used by the Financial Services Authority (FSA) to reduce the fees that City firms are charged each year for regulation

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Budget 2013: armed forces to benefit from fines on banks