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The Chancellor of the Exchequer George Osborne visits Castaway House

30th January 2015
RNBT, Castaway House, George Osborne

Castaway House welcomed The Chancellor of the Exchequer, The Right Honourable George Osborne MP this morning.

The visit was to meet a cross section of the Naval Charity Sector and was organised through the Naval Families Federation, who along with seven other organisations have made Castaway House their home.

The Chancellor announced grants totalling £3 million from the now well known “LIBOR fines” – monies paid by those in the banking community that manipulated bank interest rates to boost their own profits.

The monies will be spent in three key areas, firstly to improve facilities for Naval Service personnel from Mess improvements to renovating temporary accommodation for families to spend pre-deployment time together, secondly, to improve the services provided by the Naval Charity Sector to its beneficiaries and thirdly, to support the Museum of the Royal Navy and Royal Navy Heritage Flying Trust to attract tourism to Portsmouth and maintain the Navy’s historic flight.

The Chancellor was updated on the very real benefits grants from the LIBOR fines have made to the Naval Service community while being briefed on future projects.