George Osborne has told the BBC's Andrew Marr programme that recent fines paid by some of Britain's biggest banking firms will be used to provide treatment and support to injured soldiers.
I want to make sure that as a society we don't forget about these people long after the war is over so we are committing for the rest of these people's lives to support the military covenant, to support them, to go on spending £10 million a year on these sorts of causes.
We can do this in part because we are using the money we have taken off bankers involved in the Libor scandal. So the people who demonstrated the very worst of British values in the Libor scandal, in the City, are now supporting those who have demonstrated the very best of British values.
Today's Hero Ride cycling event in central London is expected to raise around £1 million for the armed forces charity Help for Heroes.
Singer James Blunt was among those who took part in the challenge, while road cyclist Mark Cavendish and his model fiancee Peta Todd gave their support to the participants as they completed their rides.
Blunt, who was an officer in the Life Guards and served in Kosovo before his music career, said: "For me the most inspiring thing was seeing at the very front of the peloton a group of our wounded soldiers.
"Rather than me with my two arms and two legs on my bicycle, some of them are missing one or two or three limbs, and still they've been the fastest and the fittest and the guys with the biggest smiles on their faces".
A co-founder of Help for Heroes has appealed for the public to support today's planned Hero Ride.
Bryn Parry said:
We are asking anyone who can, to join us in London (today), line the route of Hero Ride, donate and demonstrate your dignified respect and long-term commitment to those who serve and risk all on our behalf.
To our great British public, we thank you sincerely for your wonderful, continued support.
To ride alongside a young man missing three limbs as he powers his handbike up yet another hill, in the pouring rain, determined to complete a 90-mile day is inspiration enough to understand why our support is so needed, so important and must endure."