A BID to secure government cash to help fund a £4m monument to the iconic Spitfire in Southampton will be launched today.

Itchen MP Royston Smith will address peers in Westminster this afternoon to ask for a contribution to be made from LIBOR fines collected by the government.

The monument is set to take pride of place in a renovated Mayflower Park and there are hopes it will become a world-famous landmark.

Mr Smith said: “This is the nation’s opportunity to finally and properly pay tribute to the Royal Airforce, and all that served and continued to serve, in the shape of a lasting monument to the iconic Spitfire.”

LIBOR, the London inter-bank lending rate, is considered to be one of the most important interest rates in finance.

Mr Smith hopes the money will be secured from fines levied on the banking industry for manipulating the LIBOR rate.

He added: “Since 2012, government has received £973m in LIBOR fines, which means any funding will not impact its budgets at all.”

Mr Smith’s calls have also been backed by John Hannides, city councillor and chairman of the National Spitfire Project's board of trustees.

The National Spitfire Project charity was formed in August 2015 to help drive the campaign.

Mr Hannides said: “I think they key message here is we are looking to see if we can encourage the nation to pay tribute to the sacrifice and service that the RAF has given over the last 100 years.

“Next year is the RAF’s centenary year so this is a good time for the nation to show its gratitude for the service and sacrifice the RAF has given.”

MPs will debate Mr Smith’s calls in Westminster Hall from 2.30pm to 4pm.