Victoria and George Cross heros to be given £10,000 thank you in “bold” budget

Chancellor George Osborne. Stefan Rousseau/PA Wire

Chancellor George Osborne. Stefan Rousseau/PA Wire - Credit: PA

Britain's bravest servicemen and women will be given a £10,000 a year 'thank you' in the budget today.

Financial fines will be used to pay for the annuity for Victoria and George Cross holders, the Chancellor will say.

A select group were told about the budget measure at a reception in Downing Street last night as George Osborne prepared to deliver his first Conservative-only budget.

He will use the statement today to highlight the debt crisis in Greece and warn that the UK's problems are not solved.

'Our long-term economic plan is working. But the greatest mistake this country could make would be to think all our problems are solved,' he is expexted to say.

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'You only have to look at the crisis unfolding in Greece as I speak to realise that if a country's not in control of its borrowing, the borrowing takes control of the country'.

The Chancellor is also expected to promise to be 'bold' in transforming education, reforming welfare, in delivering infrastructure, in building the Northern Powerhouse and in backing the aspirations of working people.

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'It is a Budget that sets the way to secure Britain's future,' he is expected to say.

The Chancellor personally informed a group of Victoria Cross and George Cross holders that he is to make the award as a mark of the country's gratitude for their bravery and service.

It is the latest 'good cause' he had decided to back with banking fines.

The Victoria Cross is awarded – often posthumously – to members of the armed forces from across the Commonwealth and previous British Empire territories for valour in the face of the enemy. The George Cross is the highest gallantry award for civilians, created by King George VI in 1940 to award civilians who demonstrated bravery and courage in the face of the Blitz.

There are ten living holders of the VC and 20 living holders of the GC.

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