£40 Million Emergency Fund
Saturday, April 25, 2009 21:00
Theatres, galleries, and orchestras will be able to apply for emergency support from a £40 million rescue fund as part of a cultural ‘new deal’ being launched by the Arts Council. Potential beneficiaries include the Royal Natioanl Theatre, the Royal Opera House, the Serpentine Gallery and the Royal Philharmonic Orchestra.
Dame Liz Forgan, the new chairman of the council, said that many excellent organizations could go under unless they received extra money to help them through the recession. Almost 900 bodies that receive regular funding from the Arts Council will be able to apply for an emergency grant of up to £3 million to make up any shortfall caused by falling private donations and box-office receipts or tougher restrictions from banks.
Economists said that in tense times, people need artists to cheer them up.
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