The government has used the 2014 Budget to support a range of military causes, honouring British heroes for years to come. The budget also helped Air Ambulances, emergency service personnel and youth groups such as the Scouts and Guides.
In his budget speech Chancellor George Osborne noted that Libor fines – levied on Banks who were guilty of fixing the London Interbank lending rate – have been higher than expected and so more charities than envisaged will be helped.
At present the Libor fines are given to some military charities but now the Scouts, Guides and Cadets will also receive support. The Chancellor also used the money raised to stop the VAT on fuel for Charitable Air Ambulances and Inshore Rescue boat services – in response to a 200,000 public petition and a House of Commons campaign led by Guy Opperman, MP for Hexham and chair of the All Part Group for Air Ambulances.
Opperman told Breitbart London: “It is great news that the Chancellor is supporting these wonderful charities who do so much for local people.”
Whilst the Lifeboat Service has been exempt from VAT on fuel costs since 1977, a similar privilege has not been afforded to the Air Ambulance Service.
In further good news for military families, service personnel killed in action will be exempt from inheritance tax. The tax is 40 percent of everything over the £325,000 threshold or 36 percent if the estate qualifies for a reduced rate as a result of a charitable donation.
Osborne also pledged support for both the 800th anniversary of the Magna Carta and the 80th anniversary of the First World War.