Multi-million pound loans to save our cultural crown jewels

More than £165 million has been given out in loans to save some of the capital’s cultural crown jewels.

The Royal Albert Hall, the National Theatre and the Southbank Centre are among the venues benefiting from the government money to help them deal with the fallout of the coronavirus pandemic.

They are among 11 major organisations in the scheme that includes repayment holidays of up to four years, low interest rates and repayment plans of up to 20 years.

 The National Theatre will get £19.7 million with the Royal Shakespeare Company getting a similar amount. 

Olivia Colman, who starred in Lucy Kirkwood’s Mosquitoes at the National , welcomed the news, saying: “Theatre is at the heart of Britain’s creativity and the National Theatre is a crucial part of that, whether working with young people across the country or making shows to thrill global audiences. Alongside the grants to smaller theatres, it’s wonderful to hear that the NT’s future is being supported by this lifeline loan.”

 Culture Secretary, Oliver Dowden, said the government had “kept our word” to the arts.

He said: “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 a 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.”  

Other organisations to benefit include English National Opera, the Royal Opera House and Historic Royal Palaces.

Elaine Bedell, Chief Executive of the Southbank Centre, said the loan was a “vote of confidence” in its future.

She said: “We lost £25 million of our income this year and this loan will help us stabilise our finances as we prepare to reopen all our venues safely next Spring. We still have challenges - but we can meet them now with creative optimism and look forward to rebuilding our ambitious artistic programme.  We're acutely aware that this loan is taxpayers money and we must be sure that we deliver value back to all the communities we serve, in London and across the UK.  We can't wait to throw open our doors once more and welcome back our much-missed audiences and visitors.”