Fines resulting from the rigging of the LIBOR rate had previously been restricted to military and emergency service charities.
However, due to greater than expected income from these fines Osborne has now widened the pool to include scouts, guides, cadets and St John’s Ambulance.
“Financial services are a hugely important industry to this country which I want to promote around the world,” he said.
“But I also want the fines paid by those who have demonstrated the worst of values to support those who demonstrate the best of British values.
“I’m talking about the men and women in our armed forces who risk their lives to keep us free.
“So I will continue to direct the use of the LIBOR fines to our military charities and our emergency service charities too.
“Because the sums continue to grow, I can today extend that support to our search and rescue and lifeboat services – and provide £10 million of support to our scouts, guides, cadets and St John’s Ambulance.”
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