Money raised through banking fines goes to IWM Duxford
Grant of £8m will save education department from closure
The Treasury is to allocate an extra £8m in funding to the Imperial War Museums (IWM) to prevent the closure of the education department at IWM Duxford.
The funding will cover 2015-19 and has been taken from the £450m in fines paid by financial institutions that participated in the Libor interest rate-fixing scandal.
The money will enable the museum to maintain its education centre and programmes, which are used by around 50,000 primary school pupils a year. The department had been earmarked for closure under IWM’s cost-saving plans, which are under consultation as the institution seeks to cut its overall budget by £4m a year.
The investment pledge came after the MP for South Cambridgeshire, Andrew Lansley, highlighted the case in a letter to chancellor George Osborne.
In a reply sent last week, Osborne wrote: “I agree that the educational work in support of schools undertaken by the Imperial War Museum is something that we would not want to lose.”
IWM is also proposing to close the library and Explore History space at its Lambeth site as part of the cost-cutting measures.
According to a spokeswoman for IWM, it is too early to say how the additional funding for IWM Duxford might affect the institution’s overall budget-saving plans.
“We are awaiting formal notification of the funding and the terms and conditions of this funding,” she said.
A spokeswoman for the Treasury said it would work with IWM to ensure the funding would be available in time to deliver activities commencing in 2015.
The Financial Conduct Authority has imposed fines in excess of £450m on banking institutions involved in the Libor scandal since 2012.
The Treasury spokeswoman said all of the money would be allocated to good causes, including the armed forces and emergency services, but did not comment on whether similar funding would be made available to other cultural institutions.
She said: “We are working with other government departments and charities to ensure that all Libor fines received to date will be committed within the life of this parliament.”
IWM will announce its final decision on all proposed changes early in the new year.
The funding will cover 2015-19 and has been taken from the £450m in fines paid by financial institutions that participated in the Libor interest rate-fixing scandal.
The money will enable the museum to maintain its education centre and programmes, which are used by around 50,000 primary school pupils a year. The department had been earmarked for closure under IWM’s cost-saving plans, which are under consultation as the institution seeks to cut its overall budget by £4m a year.
The investment pledge came after the MP for South Cambridgeshire, Andrew Lansley, highlighted the case in a letter to chancellor George Osborne.
In a reply sent last week, Osborne wrote: “I agree that the educational work in support of schools undertaken by the Imperial War Museum is something that we would not want to lose.”
IWM is also proposing to close the library and Explore History space at its Lambeth site as part of the cost-cutting measures.
According to a spokeswoman for IWM, it is too early to say how the additional funding for IWM Duxford might affect the institution’s overall budget-saving plans.
“We are awaiting formal notification of the funding and the terms and conditions of this funding,” she said.
A spokeswoman for the Treasury said it would work with IWM to ensure the funding would be available in time to deliver activities commencing in 2015.
The Financial Conduct Authority has imposed fines in excess of £450m on banking institutions involved in the Libor scandal since 2012.
The Treasury spokeswoman said all of the money would be allocated to good causes, including the armed forces and emergency services, but did not comment on whether similar funding would be made available to other cultural institutions.
She said: “We are working with other government departments and charities to ensure that all Libor fines received to date will be committed within the life of this parliament.”
IWM will announce its final decision on all proposed changes early in the new year.