Poppies installation at the Tower of London. (c) RLeaHairHRP

Libor fines go to military museums

Patrick Steel, 01.12.2015
Awards for Royal Marines Museum, National Army Museum and D-Day Museum
In the Autumn Statement, announced last week, chancellor George Osborne announced that funds from banking fines would be allocated to a number of museums.

The Royal Marines Museum in Portsmouth, part of the National Museum of the Royal Navy, will receive £2m towards the relocation of the museum to within Portsmouth Naval Base.

The D-Day Museum, also in Portsmouth, will receive £600,000 for a refurbishment of the museum, and £1m has been awarded to the National Army Museum in London towards a redisplay of its collections as part of its ongoing redevelopment.
And the exhibition Poppies: Wave and Weeping Window, organised by 14-18 NOW, will receive £2.55m to tour to 12 locations around the UK.

The announcement was welcomed by the director-general of the National Museum of the Royal Navy, Dominic Tweddle.

Tweddle estimates that moving the Royal Marines Museum to the dockyard will see visitor numbers increase from 30,000 to 200,000 a year. The move will cost £17m in total. The museum has put a bid in to the Heritage Lottery Fund for £13m. If successful, this would leave a further £2m to be raised next year, once the Libor award is taken into account.

The National Museum of the Royal Navy received £500,000 earlier this year from Libor fines towards the restoration of LCT 7074, the last second world war tank landing craft in the UK, and a campaign veteran of the D-Day landings.

The Financial Conduct Authority has imposed fines in excess of £450m on banking institutions involved in the Libor rate-fixing scandal since 2012.

A news analysis in the January edition of Museums Journal will look at Libor awards to museums.

Comments

Sort by: Most recent - Most liked
Anonymous
MA Member
10.12.2015, 16:41
Libor money is going to other areas but it does not seem to get much publicity. An example is the £250,000 for Friends of Ludlow Museum to help them catalogue the geological collections at the Ludlow Resource Centre, and to allow them to digitize the collections and put them online. It does not and should not replace the need for the local authority to properly fund the museum service.
Stuart Davies
MA Member
Managing Director, Stuart Davies Associates
02.12.2015, 18:52
Entirely agree with Oliver. Bankers caused the financial crisis which Cameron and Osborne are using as an excuse to destroy public services. When money is abstracted from banks why cannot there be a more transparent (and fair) distribution of the fines ?
Oliver Green
MA Member
02.12.2015, 18:08
Where is the logic in the Libor fines only being redistributed to a handful of military museums? I'm sure all the lucky recipients will welcome this unexpected largesse but it's a classic bit of smoke and mirrors from Osborne which allows the Chancellor to pose as the generous supporter of a few national museums and charities while hacking back the budgets of local authorities who will probably have closed all their museums by the end of this Parliament.