World's largest collection of Victoria Crosses pulled from display at Imperial War Museum
The public will no longer be able to view the world's largest collection of Victoria Crosses after the Imperial War Museum (IWM) in London announced plans to close the display.
The Lord Ashcroft Gallery was opened in 2010 following a £5 million donation from the billionaire businessman and a loan of his personal collection of medals. It included around 200 Victoria Crosses (VC) and a smaller number of George Crosses (GC).
However, a spokesman for the museum said on Tuesday that the gallery would permanently shut on June 1 and that Lord Ashcroft's entire collection would be returned to him and 'hidden away in a secure vault'.
The decision has upset veterans, who said the sacrifices of some of Britain's bravest soldiers would be at risk of being forgotten.
The Telegraph understands that the museum took the decision in July last year but only informed Lord Ashcroft on Tuesday – seven months later.
The 78-year-old told the Telegraph: 'Each year, a new generation of young people and their parents has visited the Lord Ashcroft Gallery and marvelled at the exploits of the brave men and women whose courage has protected our freedom.
'It makes me sad indeed to think that this remarkable record will now not be available to the public and will instead be hidden away in a secure vault.'
In a statement, the museum said its own, far smaller, collection of VC and GC medals would be 'displayed across our UK branches [and] integrated within galleries that tell the full story of the conflicts in which of these acts of bravery occurred'.
The display is being closed to make way for new exhibits exploring post-Second World War conflicts, including in the Falklands, Iraq and Afghanistan, which are 'less well represented', it added.
The museum said that the 15-year-long loan of Lord Ashcroft's medals was always intended to expire in 2025 and that it had engaged with his representatives in 2023.
However, sources said any notion that the peer had been informed by the museum before Tuesday that the agreement would not be renewed was 'completely untrue'.
The Telegraph understands that Lord Ashcroft had been contemplating bequeathing his collection of medals to the museum upon his death to create a permanent exhibition, something which is now unlikely to happen.
Christopher Finney, who became the youngest-ever GC recipient after he was injured rescuing several of his comrades from American aircraft 'friendly fire' in Iraq in 2003, described the museum's decision as a 'misstep'.
The former L/Cpl of Horse in the Household Cavalry, and chairman of the VC and GC Association, said: 'I think the general feeling is just one of disappointment, to have that closed down in such an iconic museum.
'I just feel it would be awful if they [the recipients] are forgotten from our collective consciousness.'
The 40-year-old added: 'It is perhaps a bit short-sighted, it just feels it is possibly a misstep.'
The VC is Britain's highest award for gallantry and only 1,358 have been awarded since 1856.
The GC is equally prestigious and is awarded for acts of gallantry not in the presence of an enemy. Since 1940 the medal has been awarded to 401 men, 12 women and three times collectively.
A spokesman for IWM said: 'Like all museums, we regularly update our galleries to ensure we can share as much of the 33 million items in our collection as possible with the public.
'We are very proud to have displayed the Lord Ashcroft Medal Collection at IWM London since 2010, made possible thanks to a generous 15-year loan by Lord Ashcroft.
'IWM London has proudly displayed Victoria Crosses and George Crosses since 1968, and we remain committed to sharing these stories of the greatest acts of bravery and sacrifice in defence of our nation with the public.'
Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
22 minutes ago
- Yahoo
The benefits system is out of control
The decision to axe the winter fuel payment for most pensioners must rank among the most ill-judged policies introduced by a Chancellor in recent times, and there is strong competition for that accolade. Rachel Reeves made the decision shortly after taking office because she said it was necessary to help plug a £22 billion 'black hole' she had discovered in the nation's finances. Her argument might have had some merit had she not then blown much of the savings on pay rises for train drivers and public sector workers. The juxtaposition of help for Labour's union allies while pensioners shivered rapidly became toxic for the Government, generating one of the fastest reversals of support for any new administration. In the end, with Reform advancing in the polls – and pledging to restore the payment – Sir Keir Starmer ordered a screeching U-turn which the Government maintains is possible because the economy is doing so well, as if anyone believes that. Now, instead of around 1.5 million older people on pensioner credit receiving the payment, it will be paid to about nine million OAPs with an income below £35,000. Why this figure has been chosen is as much a mystery as other 'cliff edge' sums that abound in our overly complex tax and benefit system. Indeed, this U-turn just makes it even more convoluted. Everyone will receive the payment but it will then be clawed back from an estimated two million people earning more than the £35,000 threshold via PAYE or a tax return. In other words, yet more red tape will be imposed to make a quarter of pensioners return an allowance that began life in 1997 as a universal benefit. Although many better-off pensioners often said they did not need the money, and many gave it to charity every Christmas, at least it was straightforward. To some extent so was limiting it to people on pensioner credit, since that is already linked to income. But what is now proposed is a dog's breakfast, with opt-outs and other implications still to be resolved. Tomorrow, Ms Reeves will unveil her spending plans for the next four years. She is being urged to get a grip on the rapidly expanding benefits budget; but if this experience is to be our guide, there is little chance that it will ever be reined in. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
an hour ago
- Yahoo
James Hardie Industries plc (JHX): A Bull Case Theory
We came across a bullish thesis on James Hardie Industries plc (JHX) on Directionally Correct Research's Substack by Will Powers. In this article, we will summarize the bulls' thesis on JHX. James Hardie Industries plc (JHX)'s share was trading at $25.76 as of 6th June. JHX's trailing and forward P/E were 26.29 and 21.51 respectively according to Yahoo Finance. Aerial view of a suburban home under construction, displaying its modern architecture. James Hardie's proposed acquisition of AZEK is a bold, potentially transformative deal that brings together two leading exterior building products: high-performance fiber cement siding and backerboard. Management forecasts $500M in commercial synergies by FY26, implying a $225M EBITDA contribution at 45% margins. But realization is far from guaranteed. Both companies rely on two-step distribution, and success hinges on distributors' willingness and ability to push a broader, bulkier product suite. Siding and decking, while adjacent categories, lack natural bundling—there's no compelling homeowner rationale to undertake both upgrades simultaneously. Execution risk from integrating two independent sales forces further tempers optimism. Yet, if even half the synergies materialize, they still provide a meaningful uplift. Valuation assumes a conservative synergy haircut, normalized R&R growth, and stable pricing to drive ~10% top-line growth through FY28. Margins expand as volume leverage kicks in, with Hardie's North American EBITDA reaching 39% and AZEK hitting its 27.5% goal. Combined EBITDA surpasses $2.1B by FY28, with FCF conversion improving into the high 40s. A base 13.5x multiple implies a $44 share price and low-20s IRR; a rerating to 15x lifts it to $50. The deal's timing—amid change-in-control incentives and before an NYSE relisting—raises questions of insider motivations and execution risk. While the price tag looks steep and macro headwinds remain a threat to these discretionary categories, JHX remains a well-run compounder with expanding margins, strong cash generation, and potential index inclusion tailwinds. Investors willing to stomach integration risk and cyclicality may find value in what could be trough earnings and sentiment. Previously, we covered a by Will Powers in December 2024, highlighting its dominant position in fertility benefits, resilient cash flow, and post-Amazon client loss recovery. The stock has appreciated by approximately 47%. Powers frames PGNY as a cash-rich recovery play and JHX as a margin-expansion story with integration risk, offering distinct but complementary opportunities rooted in long-term structural growth. James Hardie Industries plc (JHX) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held JHX at the end of the first quarter which was 5 in the previous quarter. While we acknowledge the risk and potential of JHX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. This article was originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
4 hours ago
- Yahoo
Default ahead for California? Unlikely, says New Report From Payden & Rygel's California Municipal Social Impact Fund Team
LOS ANGELES, June 09, 2025 (GLOBE NEWSWIRE) -- Recent concerns over California's fiscal health—driven by declining initial public offering (IPO) volume, reduced federal funding risk, and rising costs—have prompted questions about the state's financial stability. However, after a thorough analysis, Payden & Rygel's market-leading municipal bond team believes the risk of a bond default or severe credit deterioration remains low. 'While we understand investors' concerns about the California economy, its capacity to generate adequate revenue to match spending levels and the potential impact on the state's municipal debt, we believe that although the revenue picture is softening, the outlook remains relatively stable over the next 1-2 years with potential credit rating deterioration limited to just one notch over that timeframe in a worst case scenario. Near term ratings will hinge on the final FY 26 budget that we expect Sacramento to pass by June 15th, otherwise lawmakers don't get paid,' say the report's authors, the Payden & Rygel's California Municipal Social Impact Fund team. 'We are also closely monitoring the evolution of entitlement spending reduction proposals at the federal level but ultimately expect Medicaid cuts to be less pervasive than currently feared,' they added. Here are six reasons to be optimistic: The 10th amendment prohibits states, including California, from filing for bankruptcy. While defaults are technically possible, California is nowhere near default based on current less than a month in the current fiscal year, tax revenues are weakening but remain strong, with Governor Newsom's recent May Revision projecting a relatively small $12 billion projected for next year. IPO activity, while down, is not a core revenue driver. Its recent decline reflects a normalization post-COVID stimulus, not a structural weakness. All three major credit agencies S&P, Moody's, and Fitch—rate California AA-/Aa2/AA, respectively, all with stable outlooks but we expect the ratings agencies to refine their views this summer following the finalization of the FY 2026 budget process by the end of gross domestic product (GDP) ranks #4 globally, recently surpassing Japan, underscoring a broad, diverse and innovative state economy with a deep employment base. Although reserves have dipped since 2023 due to pandemic fund drawdowns and budgetary uncertainty in FY 2023/2024 due to delayed tax receipts, they remain at comparatively strong levels historically that will grant state leadership time to navigate federal policy uncertainty, which Governor Newsom blames for a softening of service is low at 3–4% of governmental expenditures, and pension funding remains solid. Because of constitutional protections that prioritize education and debt payments, revenue would need to drop over 50% to threaten debt service. For context, State revenues dropped 15% in uncertainty, California retains healthy credit fundamentals with relatively stable ratings, manageable deficits, excellent access to liquidity and conservative budgeting assumptions that support bondholder confidence. In summary, while recent headlines surrounding tariffs, fiscal tightening, and economic uncertainty have contributed to heightened market anxiety, our base case remains firm: Although California's credit profile is softening, it continues to demonstrate resilience, supported by a vast and diversified tax base, substantial reserve levels across all governmental funds, and long-term liabilities that we consider both moderate and manageable. Here is a link to the full report. ABOUT PAYDEN & RYGEL With $165 billion under management, Payden & Rygel is one of the largest privately-owned global investment advisers focused on the active management of fixed income and equity portfolios. Payden & Rygel provides a full range of investment strategies and solutions to investors around the globe, including Central Banks, Pension Funds, Insurance Companies, Private Banks, and Foundations. This material reflects the firm's current opinion and is subject to change without notice. Sources for the material contained herein are deemed reliable but cannot be guaranteed. This material is for illustrative purposes only and does not constitute investment advice or an offer to sell or buy any security. Past performance is no guarantee of future results. For press requests, please contact:Kate Ennisennis@ Photos accompanying this announcement are available at This press release was published by a CLEAR® Verified in to access your portfolio
