Three military charities are to share £1.3m of funding sourced from fines levied on banks involved in the Libor fixing scandal.

Chancellor George Osborne announced that the Soldiers Sailors Airmen and Families Association (SSAFA), the Felix Fund and Tickets for Troops are the latest to be granted funding from the £35m pot raised from fines levied on banks which attempted to manipulate the London Interbank Offered Rate (Libor) benchmark. The remaining funds will be drip-fed to armed forces charities over the next two years.

£3.8m has already been distributed to the Fisher House Project at Queen Elizabeth Hospital in Birmingham, Help for Heroes and the Fisher House Foundation.

SSAFA is to receive £1.1m to fund support groups for families dealing with loss or struggling to cope with an injured loved one. The Felix Fund will receive £65,000 to fund 'normalising breaks' for returning troops. And Tickets for Troops will receive £160,000 to fund tickets to cultural events for medically discharged military personnel.