Millions to be spent on armed forces veterans, ex-chancellor reveals

This is one of the latest schemes designed to help the nation’s armed forces personnel that has been revealed by chancellor George Osborne.

The award is one of a number made from the £14m set aside from banking fine that Mr Osborne has handed out to charities and organisations across the UK yesterday.

Among the projects being backed include flights to the Falklands for veterans over the next three years to visit battlefields, war graves and memorials which will be secured with a £550,000 grant from the chancellor’s pot.

There will also be a sum of £2.25m which will pay for D-Day veteran visits to Normandy.

And the Aged Veterans Fund, which tackles health, well-being and social care needs, is to receive £5m while £100,000 is being used to fund an expedition for wounded veterans climbing Antarctica’s highest mountain.

Some £1.9m will go on new buildings for pre-school age children of SAS personnel

Portsmouth North MP Penny Mordaunt said the cash would help veterans across the city.

The armed forces minister added: ‘This is great news, helping our armed forces, veterans, their families and young people, and I hope many people from Portsmouth will approve of these projects as well as benefit from them.’

The Royal Voluntary Service (RVS), one of the largest volunteer organisations in the country, will receive £375,000 from the Libor rate fixing scandal penalties pot.

It was one of the organisations backed by a memorial fund set up in the wake of the fatal attack on Labour MP Jo Cox in June.

Mr Osborne said: ‘It is right that funding from those in the banking industry who demonstrated the worst of values goes towards people who display the very best of British values.

‘Jo Cox dedicated her life to bringing people together and making a difference.

‘She was an inspiration to people across the world and I am proud to give the Royal Voluntary Service this funding in her memory to continue their vital work.’