Tom Elliott – 2015 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Tom Elliott on 2015-10-21.

To ask Mr Chancellor of the Exchequer, what steps he is taking to ensure that every region and constituent part of the UK benefits from money raised from Libor fines.

Greg Hands

In the last two financial years HM Treasury has received £1.3bn in LIBOR and FX banks fines. All LIBOR penalties received in this time period have been allocated to military or other uniformed charities. All foreign exchange penalties received in this time period have been allocated to create a fund for advanced care in GP practices and community healthcare facilities.

Each bid for charitable funding from Libor fines is considered on its individual merits and with a clear intention that awards should benefit the widest range of military charities and good causes across the whole of the United Kingdom.

Awards of Libor funds are usually made at the Autumn Statement or the Budget.