Chancellor pledges £1.5 billion to protect the arts industry

Photo credit: PA

It might be a case of too little too late for some venues but this is the most positive step forward that the arts sector has had since the start of the pandemic.

Chancellor Rishi Sunak has pledged a £1.5 billion “rescue package” to protect Britain’s cultural, arts and heritage institutions from the devastation caused by the Covid-19 pandemic.

The fund can be accessed by thousands of UK organisations including theatres, heritage buildings, galleries, museums, live music venues and independent cinemas.

£1.5 billion marks the largest ever one-off investment in UK culture history and aims to provide a lifeline to those hit hardest by the pandemic. 

The fund will be made up of £880 million worth of grants available through to April 2021 and will be supplemented by £270 million in loans. There will also be £100 million worth of support for English cultural institutions and the Heritage Trust, plus £120 million to help the construction of cultural sites.

The new pot also pledges an extra £188 million for the devolved administrations in Northern Ireland (£33m), Scotland (£97m) and Wales (£59m).

Sunak said: “Our world-renowned galleries, museums, heritage sites, music venues and independent cinemas are not only critical to keeping our economy thriving, employing more than 700,000 people, they’re the lifeblood of British culture.

“That’s why we’re giving them the vital cash they need to safeguard their survival, helping to protect jobs and ensuring that they can continue to provide the sights and sounds that Britain is famous for.”

Whilst a longer-term plan is still needed from the government, this is certainly the welcome news we have been waiting for.