Question to the Ministry of Defence:
To ask the Secretary of State for Defence, what assessment he has made of Libor funding outcomes over the last five years; and whether his Department expects Libor funding for military charities to continue beyond 2018.
The Ministry of Defence has distributed on behalf of HM Treasury £266 million of the Libor fund by way of four specific grant programmes. Of these, two legacy grant programmes, the £40 million Veterans Accommodation Fund and the £30 million Aged Veterans Fund, benefited veterans exclusively. The legacy £35 million Armed Forces Covenant Scheme and the open £10 million per annum Covenant Fund also support veterans projects as well as projects supporting other sectors of the Armed Forces community. However, HM Treasury have also distributed £467 million in individual grants to support Armed Forces and Emergency Service charities and other good causes. Veterans’ charities will have benefited but the breakdown will not be available until a full review has been completed in 2018. HM Treasury, which administers the individual Libor grants has asked the Covenant Fund team to undertake a full review of the 729 grants awarded by HM Treasury which will include an assessment on the outcomes and impact. Any decisions on the future of Libor funding is a matter for HM Treasury.