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COLCHESTER Armed Forces veterans are set to benefit from £500,000 of Government money.
The cash has been allocated from the Libor Fund, which has raised £40million in City bank fines.
It follows £6million which was announced in July.
The money will be used to fund the Veteran's Pathway, which helps vulnerable ex-military service men and women fully reintegrate into civilian life.
The scheme's focus is on tackling veterans homeslessness and will provide supported and independent accommodation.
The announcement is expected to be made this morning by Deputy Prime Minister Nick Clegg when he visits Colchester.
Mr Clegg said: “If we are genuine about creating a fairer society, it is fundamental that we protect society’s most vulnerable, which is why I am delighted that extra money has been found to support homeless veterans in Colchester get back on their feet.”
Danny Alexander, Chief Secretary to the Treasury, added: “I earmarked additional funding to support homeless veterans because it’s crucially important that we support society’s most vulnerable, particularly those who have given up so much to protect our country.
“I’m delighted that this additional funding will provide housing, training and support to potentially hundreds of veterans, as part of this government’s aim to create a fairer society.”
LIVE UPDATES
10.40am
Mr Clegg has arrived in Colchester.
He met Colchester's MP Sir Bob Russell at the Lakes at Colchester General Hospital in Turner Road.
Off to Colchester today with @Bob4Colchester to announce £500k towards securing housing for veterans in the area. #FairerSociety
— Nick Clegg (@nick_clegg) February 25, 2015
10.50am
Our reporter Ryan Jennings is at the hospital today.
Deputy PM Nick Clegg arrives at The Lakes to meet @Bob4Colchester before a private mtg with Colchester veterans pic.twitter.com/R5Mz5bV4C4
— The Gazette (@TheGazette) February 25, 2011
11am
Mr Clegg has announced an extra £500,000 to help veterans reintegrate into civilian life.
Money is coming from Libor Fund. The fund has accrued millions of pounds in City bank fines.
Mr Clegg says he is happy it is being used for good causes
He is now speaking with veterans.
UPDATE 11.55am
Diane Palmer, area team manager of Veterans First, run from The Lakes, reluctant to take praise but vets say they wouldn't be ...
— The Gazette (@TheGazette) February 25, 2015
... where they are now without her. Funding for the project runs out in March 2016.
— The Gazette (@TheGazette) February 25, 2015
UPDATE 12.30pm
Nick Clegg has now left The Lakes.
As Nick Clegg leaves The Lakes, he says: "I don't know why, but i keep talking about some bloke called Bob. Who's he?"
— The Gazette (@TheGazette) February 25, 2015
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