Bank Libor fines to benefit Broughton House veterans home

The revamp will help the home "meet the modern care needs of veterans", the chief executive said

A £10m redevelopment of a veterans home will be partly paid for using fines imposed on banks involved in the Libor scandal, the chancellor has announced in the Autumn Statement.

Broughton House in Salford will receive £3m towards the first phase of transforming it into a care village.

The new site will include a nursing home, a memorial park and allotments.

The fines were levied on financial institutions for rigging interest rates charged on borrowings from other banks.

Chief executive Ty Platten said the revamp of the home, which is celebrating its centenary, would mean it could "meet the modern care needs of veterans from a health, social, care and housing perspective".

The work, which is due to begin in summer 2017, will also see assisted living apartments, an interactive museum, meeting rooms, a gym, a rehabilitation centre and a bowling green added to the site.

Mr Platten said the remainder of the money needed to complete the project would be raised from benefactors, organisations and the public.