Hendon’s RAF museum is set to receive £3 million funding collected by the government during a major banking scandal to help with its centenary expansion.

The Libor scandal in 2012 saw banks falsely inflating or deflating their interest rates to profit from trades or appear more credit-worthy than they were.

In yesterday’s (November 23) Autumn Statement, Chancellor Philip Hammond announced the RAF museum would receive money collected during the scandal to support the development of a new exhibition and learning centre.

Both projects are part of the museum’s wider RAF centenary programme which will celebrate and commemorate 100 years of the Royal Air Force in 2018.

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Chief executive of the museum Maggie Appleton said: “It’s wonderful to be given such a high level of support from the chancellor for the centenary programme.

“The stories we want to share reflect the bravery, ingenuity and dedication of RAF men and women working in today’s complex and challenging environment with space for our visitors to reflect on and join in the discussion from their own personal perspectives.”

The new exhibition will explore the impact of the Royal Air Force on world events, society and technology since the Cold War through its many roles during the past 40 years.

As part of the museum’s contemporary collecting strategy, it is actively seeking out inspiring objects and stories to engage visitors with the RAF’s recent history, to display in the new gallery.

READ MORE: Hendon Royal Air Force museum prepares to celebrate 100 years of the RAF with fresh funding from Heritage Lottery Fund

The learning centre will help the museum’s science, technology, engineering and maths (STEM) programme as well as hosting both formal and lifetime learning activities in history, literacy, art and design.

The centenary programme is a £23.5 million project to make the Hendon site more accessible and welcoming to a new generation of visitors.

Work will be completed in summer 2018 and the fresh grant puts the museum closer to its final fundraising target.