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Summer economic update 2020: Cultural Recovery Fund

Ahead of the summer economic update, the Chancellor announced a £1.57 billion package to support the arts, culture and heritage sector which has been significantly affected by the COVID-19 pandemic.

What do we know about the Cultural Recovery Fund?

While full details of the package are still to be released, when the scheme opens we expect the support to consist of:

  • A £1.15 billion support pot for cultural organisations in England delivered through a mix of grants and loans. This will be made up of £270 million of repayable finance and £880 million grants.
  • £100 million of targeted support for the national cultural institutions in England and the English Heritage Trust.
  • £120 million capital investment to restart construction on cultural infrastructure and for heritage construction projects in England which was paused due to the coronavirus pandemic.
  • The new funding will also mean an extra £188 million for the devolved administrations in Northern Ireland (£33 million), Scotland (£97 million) and Wales (£59 million).

It is understood that decisions on awards will be made working alongside expert independent figures from the sector including the Arts Council England and other specialist bodies such as Historic England, National Lottery Heritage Fund and the British Film Institute.

Pleasingly, where repayable finance is issued, this will be on terms tailored for cultural institutions to ensure they are affordable.

In a further development, Arts Council England has announced 196 organisations will receive £33m in emergency funding to ensure they remain viable over the summer months.

We will continue to update this article as and when more information becomes available.

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If you would like to speak to an expert about this or any of the topics covered in the July economic update, please fill out the form below and a member of our team will be in touch.

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