Osborne will use Libor fines to support injured troops

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.

– The Chancellor George Osborne

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Osborne budget cuts

Chancellor George Osborne has reached an agreement with all his Cabinet colleagues over the extent of cuts to their department's budgets, the Treasury said.