The Government have now confirmed the continuation of the uplifted annuities of £10,000 per annum to all living recipients of the Victoria Cross and George Cross. It is expected that in the future, these funds will be paid from HM Treasury as one consolidated payment, and officials from both MOD and the Cabinet Office will work closely with the Victoria Cross and George Cross Association to ensure consistency of approach between military and civilian recipients. The Government reiterates its admiration and gratitude to both Victoria Cross and George Cross recipients, who represent the best of selfless service to others.
In 2015, the former Chancellor announced in his Summer Budget Statement an increase in the annuity to £10,000 and granted £3m London Interbank Offered Rate (LIBOR) funds to the Victoria Cross and George Cross Association for the purposes of support to widows, events and administrative costs.
The Association would use the allocation to top up the annuity already paid by MOD to a total of £10,000. Since then the Association has been seeking reassurance that the Government will maintain the level of the annuity at £10,000 when the LIBOR funds run out, which is anticipated to be in 2027.
Maintaining the value of the annuity at £10,000 demonstrates the MOD’s commitment to this small group of brave individuals who have acted so selflessly while conducting their military duties, often risking their own lives to save others.