And finally…Bankers fines to be used for £10,000 a-year Victoria and George Cross ‘thank you’

VC Chancellor of the Exchequer George Osborne will today announce that financial fines levied from the misconduct of bankers will be used to pay for a £10,000 annuity for Victoria and George Cross holders.

A select group were told about the budget measure at a reception in Downing Street last night as Mr Osborne prepared to deliver his first Conservative-only budget today.

The Chancellor personally informed a group of Victoria Cross and George Cross holders that he is to make the award as a mark of the country’s gratitude for their bravery and service.

It is the latest “good cause” he had decided to back with banking fines.



The Victoria Cross is awarded – often posthumously – to members of the armed forces from across the Commonwealth and previous British Empire territories for valour in the face of the enemy. The George Cross is the highest gallantry award for civilians, created by King George VI in 1940 to award civilians who demonstrated bravery and courage in the face of the Blitz.

There are ten living holders of the VC and 20 living holders of the GC.

Mr Osborne described them as “some of the true heroes of British life”.

Major Peter Norton, chairman of the VC and GC Association, said his members were very grateful for the “incredibly generous support”.

Among those attending a reception in Downing Street last night to mark the announcement was Aberdeenshire-born Jim Beaton, who was awarded the GC after being shot three times protecting Princess Anne from a kidnap attempt.

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