We are encouraged that the Autumn Statement made by the Chancellor has recognised the significant value that arts and culture bring to this country’s economy.
The Chancellor's full statement is available here.
The statement contained points that were encouraging on a potential tax relief for theatres and social investment tax relief. Both will have the potential for bolstering the cultural sector.
Alan Davey, Chief Executive, Arts Council England said:
“The Arts Council has been informed that the reduction to DCMS budgets has been passed on as a cut to our Grant in aid of 1.17 per cent in 2014/15 and 1.13 per cent in 2015/16.
“This means that there has been a 33% real terms cut in our grant in aid compared to 2010/11 (28% cash), and a 6% real terms cut in our grant in aid compared to 2014/15 (4% cash).
“The majority of the Grant in aid money we receive is invested in the National portfolio and Major partner museums, so in 2014/15 we will pass these cuts onto the organisations we fund.
“In 2015/16 we will look to protect the budget for funded organisations and will instead reduce our strategic budgets – the investments we make to support the wider development of arts organisations and audiences across the country.
“We know that these additional cuts will put added financial pressure on the sector at a time when Local Authority spending is also causing considerable challenges for arts and culture organisations.
“We will continue to work with the sector through these difficult economic times and to focus on creating the best possible environment for an innovative and resilient arts landscape across England."
This statement was updated on 18 December 2014.
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