Culture Recovery Fund marks £1 billion milestone

Culture Recovery Fund marks £1 billion milestone

The Government’s £1.57 billion Culture Recovery Fund has passed their £1 billion milestone, supported more than 75,000 jobs, with a remaining £400 million on the way as plans for a further round of support announced.

Plans for allocating the remainder of the £1.57 billion Culture Recovery Fund are also being announced today (11 Dec) which will help organisations look to the future.

Funding, which was held back in previous rounds to allow the Government to respond to the changing public health picture, will be available for organisations who are at the imminent risk of collapse before the end of this Financial Year.

£300 million in grants and £100 million in loans will also be offered to support organisations’ transition back to the usual operating mode from April 2021.

£60 million in capital funding has been awarded for ongoing construction and maintenance with 75% awarded to organisations outside of London.

As part of the Culture Recovery Fund, £60 million in grants is being delivered through the Capital Kickstart Fund. This will accelerate previously-funded projects that will revitalise core assets in local communities and provide opportunities for work across a range of sectors.

Further investment for capital projects impacted by the pandemic has also been awarded to 74 arts organisations of all sizes, continuing the government’s investment in cultural infrastructure across the country.

More than £165 million in repayable finance has been offered to support some of the country’s most iconic cultural organisations, including the National Theatre, Southbank Centre, the Royal Albert Hall and the Royal Shakespeare Company, Culture Secretary Oliver Dowden has announced today.

The organisations receiving loans provide work for more than 9,000 people, taking the total number of jobs supported by the CRF to more than 75,000, with many more freelancers and jobs in key supply chains industries also benefiting, as part of the government’s Plan for Jobs to support, protect and create jobs across the UK.

Culture Secretary, Oliver Dowden, said: “This government promised it would be here for culture and today’s announcement is proof we’ve kept our word. The £1 billion invested so far through the Culture Recovery Fund has protected tens of thousands of jobs at cultural organisations across the UK, with more support still to come through the second round of applications. Today we’re extending a huge helping hand to the crown jewels of UK culture - so that they can continue to inspire future generations all around the world.”

Lisa Burger, Executive Director and Joint Chief Executive, National Theatre, said: “The National Theatre is incredibly grateful and relieved to secure this emergency loan from the Government’s Culture Recovery Fund. It is a vital lifeline that will form part of our recovery, helping to ensure that the National Theatre will be here for culture and here for the nation, now and in the future.

“While the challenges of this pandemic are not over, we can now begin to rebuild the NT with a renewed commitment to making theatre for everyone that celebrates the diversity of our nation. Together with the support, we hope to secure from our partners, donors and audiences, the loan will enable us to invest in the freelance creative workforce to produce some of the world’s most exciting theatre. We stand ready to play our part in supporting the UK’s economic and emotional recovery from the effects of COVID-19.”

Nick Serota, Arts Council England, said: “Today’s announcements are another vital step in securing the future of England’s cultural sector. The support for capital projects will help to ensure that we maintain an innovative, sustainable cultural infrastructure that supports world-class creative work.

“The Repayable Loans will enable some of our most significant and internationally recognised cultural organisations to weather the effects of Covid-19 and reopen when it is safe to do so. The Arts Council is grateful to the Government for their exceptional support through the Culture Recovery Fund.”

PSE Oct/Nov 21

PSE Oct/Nov 21

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