The government has committed a further £50m over the next six years from Libor fines to support armed forces charities.

The funding brings to more than £350m the funding that the government has pledged or given to the military charities sector from banking fines.

In his Autumn Statement today, Chancellor George Osborne said: “Libor fines will continue to support our military and emergency service charities with support for our armed services benevolent charities, the Ghurkhas, and £10m for veterans with hearing problems.

“And thanks to the brilliant campaigns run by my honourable friends for Filton, Bristol North West, and others, we will use Libor money for new helicopters for the Great Western Air Ambulance, and the Kent, Surrey and Sussex Air Ambulance too.”

Osborne and Cameron announced back in August that fines worth £100m levied from Lloyds Banking Group for manipulation of financial benchmarks would be given to the charity sector, including military charities.

The fines were for the manipulation of benchmarks including the London Interbank Offered Rate (Libor). This announcement followed earlier proclamations that banking fines would be spent on military charities.

The government has already said it would allocate over £300m received from bank fines to support the Armed Forces Covenant, as well as what it described as “wider organisations and charitable bodies”.