THE project to carry out urgent repairs at Wellington Monument has received a £1million boost in Chancellor Philip Hammond’s first Autumn Statement.

The money comes from fines levied on the banking industry for manipulating the LIBOR rate. The Government committed £102 million over the next four years to support good causes – with £1 million going to the repairs of the Wellington Monument.

Andy Semple, assistant director of operations for the Trust in Somerset & Gloucestershire, said: “This is an incredible start to our fundraising. We have been working hard over the past year to understand why the structure is deteriorating and to talk to local people about why it’s so important to them.

“It will be 200 years next October since the foundation stone was laid and today’s news is hopefully an important step in safeguarding the Monument for the next 200 years for the benefit of the nation.”

Taunton Deane MP Rebecca Pow said: “I am absolutely thrilled that the National Trust has been awarded £1 million of Libor funding for the restoration of our much-loved Wellington Monument.For over a year I have been working with the National Trust and the whole community on the campaign to restore the Monument and over the last week I have been stepping up the pressure.

“I have personally stressed to both the Chancellor and the Chief Secretary to the Treasury the importance of this commemorative structure internationally, nationally and crucially locally making it clear just what it would mean to see it restored to its full former glory.

“The awarding of these funds is testament to the hard work of the National Trust, the thousands of people who signed my parliamentary petition, the newly crowned local monument champions and everyone else who has shown support for the cause.”

The funding gives the project a huge boost – the next step is for the National Trust to submit its first round application to the Heritage Lottery Fund in two weeks’ time towards the £3 million still needed for the project to go ahead.

The Trust says Rebecca Pow made the LIBOR Funding possible through her support and commitment to the project.