£1 million from the LIBOR fund will be used to support a major new international sporting event for wounded, injured and sick Service personnel, the Chancellor of the Exchequer, George Osborne, announced today.
This new event, called the Invictus Games, is being championed by Prince Harry through his role in the Royal Foundation. The Games will see more than 300 wounded, injured and sick Servicemen and women, serving and veteran, competing in athletics, archery, wheelchair basketball, road cycling, indoor rowing, wheelchair rugby, swimming and sitting volleyball.
The contribution from the LIBOR fund will be used to support the event and is being matched by funding from the Royal Foundation.
George Osborne said:
“I am pleased that we have been able to support the very first Invictus Games in London using the LIBOR fund. We’re using money raised from fines on those who demonstrated the very worst of values to support the very best of values, injured service personnel from around the world. This landmark event will be a real inspiration for future generations.”
The LIBOR fund has been raised through fines imposed on banks for misdemeanours and attempted manipulation of financial markets. This latest allocation builds on £35 million of LIBOR funding already given to military good causes in previous tranches, £60 million to support Armed Forces personnel, their families and veterans and a further £10 million per annum which has been earmarked from 2015 to support the Armed Forces Covenant.