Bank fines to help Leeds Children's Hospital

Mr Hammond will earmark £1.85m to help the hospital buy state-of-the-art imaging equipment used in both operations and for diagnosis as he pays tribute to its work.

The money is coming from fines imposed on banks and other financial bodies over the LIBOR scandal which saw a key interest rate fraudulently manipulated.

It is understood the money promised today will not meet the whole cost of the equipment but will go a long way to ensuring the hospital can make the investment.

Mr Hammond said: “I am delighted that LIBOR fines raised from banks will support Leeds Children’s Hospital Charity, contributing towards cutting edge technology which will support the vital work its staff do every single day.

“This hospital treats desperately ill children, and provides much-needed support for their families and I pay tribute to these efforts.”

The money will go towards the cost of a children’s 3T intraoperative MRI suite, specialist equipment which allows doctors to access high quality images of patients during operations.

It will also improve the hospital’s ability to diagnose conditions in its patients.

Mr Hammond’s announcement of help for Leeds Children’s Hospital continues a policy started by his predecessor, George Osborne, who used Libor fines to support a series of good causes while he was at the Treasury.

Charities helping military veterans, air ambulances, organisations supporting emergency services personnel and the Royal Voluntary Service have been among those to receive money.

The help for the hospital will be announced today in the Chancellor’s Autumn Statement as he updates MPs on the state of the economy and the Government’s spending plans.

He is expected to warn the economy faces uncertainty while Britain’s exit from the European Union is negotiated.