13/07/2016 08:46 BST

Jo Cox Memorial Fund Charity To Receive Money From Libor Fines, George Osborne Reveals

'Funding from those who demonstrated the worst values will go towards those who display the very best values.'

Cash raised from fines on banks is being given to a charity linked to MP Jo Cox, George Osborne has announced.

The Royal Voluntary Service (RVS), one of the largest volunteer organisations in the country, will receive £375,000 from the Libor rate fixing scandal penalties pot, George Osborne said, according to the Press Association.

It was one of three organisations backed by a memorial fund set up in the wake of the fatal attack on the Labour MP in June. 

Yui Mok/PA Wire
Jo Cox was killed outside the town library in her constituency last month

The award is one of a number made from the £14 million set aside from banking fines that Osborne has handed out to charities in what are likely to be his remaining few hours as Chancellor.

Some £1.9 million will go on new buildings for pre-school age children of SAS personnel while £2.2 million will fund new recovery facilities for naval special forces.

Flights to the Falklands for veterans over the next three years to visit battlefields, war graves and memorials will be secured with a £550,000 grant and £2.25 million will support D-Day veteran visits to Normandy.

The Aged Veterans Fund, which tackles health, well-being and social care needs, will receive £5 million and £100,000 is being used to fund an expedition for wounded veterans climbing Antarctica’s highest mountain.

Neil Hall/PA Wire
George Osborne made the announcement on the eve of what is expected to be his last day as Chancellor

More than £2 million will be spent on excavating HMS Invincible, which sank in 1758 in the Solent near Portsmouth, in a project involving veterans, serving personnel and disadvantaged teenagers.

Osborne said: “It is right that funding from those in the banking industry who demonstrated the worst of values goes towards people who display the very best of British values.

“Jo Cox dedicated her life to bringing people together and making a difference. She was an inspiration to people across the world and I am proud to give the Royal Voluntary Service this funding in her memory to continue their vital work.”

Cox, the Labour MP for Batley and Spen, was shot and killed earlier this month.

The attack came on the steps of the town library just before 1pm, where the 41-year-old mother-of-two had been holding a surgery with her constituents.

52-year-old Tommy Mair will stand trial for her murder in November.