The government has today announced the names of 23 water rescue and Royal Navy charities which will received £8m of funding announced in the last Budget.

20 water rescue charities across England, Wales and Northern Ireland will share in £5m worth of funds earmarked for “state of the art” rescue equipment upgrades. The scheme will provide up to £1m annually this year and over the next four years.

The funding was announced by shipping minister John Hayes, during a visit to the Royal Life Saving Society in Poole.

“As an island nation the safety of our waters is paramount and our water rescue charities work tirelessly around the clock to save lives and protect the public from harm,” he said. “Therefore I am pleased to announce the winners of this new fund that will support our hard working volunteers in this vital task.”

Brian Pemberton, chairman of the RLSS, said that the society was delighted to be receiving the money and said the grant “will enable the Royal Life Saving Society to keep our rescue boats operational longer and ensure a greater degree of safety.”

The announcement comes on the same day as an announcement from the Chancellor of the Exchequer, George Osborne, that £3m from Libor fines will go to causes that support naval families as well as projects which “showcase naval history”.

Osborne said: “servicemen sacrifice so much to keep our nation safe and we will invest £3 million investment into projects such as refurbishing the Mess at HMS Sultan and renovating the Navy Mews so they can spend times with their loved ones when they are deploying.”

Osborne said the money would come from fines levied on banks for manipulating the London Interbank Offered Rate. “It is fitting that the money paid in fines by people who demonstrated the poorest values in our society is used to support those who demonstrate the very best," he said.

£2m will go to the Royal Navy and Royal Marines Charity while a further £1m will be donated to the Royal Navy Museum and the Royal Navy Heritage Flying Trust (RNHF).