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BREAKING NEWS: King’s Lynn charity gets £100,000 windfall from bank scandal fines

Lynn News Web Site Fillers

Lynn News Web Site Fillers

A Lynn charity has been handed a huge early Christmas present after being allocated more than £100,000 from fines paid after a major banking scandal, it has been revealed today, Sunday December 15.

The Bridge for Heroes, whose headquarters is in South Clough Lane, provides mental health support and advice to serving military personnel, veterans and their families.

And, having struggled with financial difficulties in recent months, the organisation’s work across the county is now set for a massive boost after it was allocated £103.920 by the Treasury.

The cash will come from a special fund established to distribute the money paid in fines by banks involved in the Libor scandal to good causes.

In Britain alone, fines worth more than £400 million have been imposed on banks which were involved in the scam to misrepresent interest rates in order to make profits or make their organisations appear to be more credit worthy than they were.

Ministers have committed to giving the cash generated from Libor-related fines, which would otherwise go into the fund for general government spending, to military charities.

A total of £35 million was allocated to the programme in October and the government has now committed itself to sharing £10 million per year from Libor fines among military charities.

The award to the Bridge for Heroes is among the third series of grants, which will see £12 million shared among 24 good causes, mostly supporting the armed forces, across the country.

In a statement issued by the Treasury today, Chancellor George Osborne said: “I am delighted to be able to announce more money for those who are supporting our brave armed forces, veterans and their families.

“It is right that money paid in fines by people who demonstrated the worst of the values in our society is now being used to help and support those who demonstrate the very best.”

 

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