Cultural Capital: Maintaining Investment in Culture through the Good Times and the Bad

Arts & Business says ...

"Private Investment in culture has more than kept pace with public spending over the past two years. But with 70% of cultural organisations within London now seeing a decrease in private sector investment, we must redouble our collective efforts to ensure that the private sector, which will recover from the recession long before the public sector, maintains and increases its contribution to the arts. The public and private realm must work more closely together to ensure all our cultural futures. The prosperity of London, and the whole of the UK, relies significantly on the health of our cultural landscape.

The Mayor has written to borough leaders urging them to maintain their support for arts and culture in the capital. With pressure on budgets, he believes they have a vital role as significant funders. This is critical: for every pound of public investment, arts organisations will earn or raise much more. For example, theatre in the UK is worth £2.6 billion annually, with public investment costing £121.3 million."
Colin Tweedy, Chief Executive, Arts & Business

"I believe that far from being a luxury in our lives, the arts and culture are a necessity. The creative industries lead the UK economy and are the envy of the world. Having lived here for seven years I genuinely believe that the UK's pre-eminence in arts and culture constitutes one of the nation's most powerful natural resources. But many arts institutions are suffering, and without political will and both corporate and public support some will struggle to survive.

The economists may be seeing the first green shoots of recovery, but it is clear that the impact of the downturn will be felt for years to come - certainly in terms of sponsorship budgets and corporate philanthropy.  If we don’t act now, we risk allowing our rich cultural life to be diminished, available only to the minority who can afford high West End prices or rarefied arts events.  Its time for us all to step up and ensure that our vibrant and diverse cultural life is protected."
Kevin Spacey, Artistic Director , The Old Vic  

"There is a vitally important role for business in supporting the arts. The arts in London are both the mirror of a thriving city and a central part of what makes London such an important, vibrant and diverse place to work and live. Business forgets that at its peril. We at MS have been thrilled  with our major partners, including the Old Vic, the British Museum and the Royal Opera House, contributing to artistic priorities, linking ourselves with world class institutions, and broadly engaging our clients and employees."
Simon Robey, Head of Morgan Stanley UK
Morgan Stanley UK supports an extensive programme of cultural and educational projects.

"We have to rise to the challenge brought about by the downturn. Arts and culture are not a luxury, they are part of this city's DNA, its USP. It is why people want to live and work here and s seven out of ten tourists say it is a reason for their visit. At a time of recession it is more important than ever to invest in the arts. We need to support new talent and those creative individuals whose innovation will ensure London remains dynamic and successful.

The fantastic philanthropy that Tate has recently benefited from shows there is immense generosity out there – and that the issue is not about public versus private sector funding. A mix of corporate sponsorship, public investment and philanthropic giving will help our cultural and creative sectors ride out the current downturn – and help stimulate London's economy for the future. The Mayor will reaffirm the role the Greater London Authority group has to play. As well as advocating for the arts, it will continue to support a range of cultural and creative projects in the capital, from the programme of festivals throughout the year to the Cultural Olympiad. Major projects include £5m for the BFI's proposed film centre and support for the Tate Modern extension. Events like the Story of London and TfL's Art on the Underground offer different ways to promote cultural organisations and bring new work to the public. The GLA is also working to make activities more accessible, including initiatives like the Londoner's Culture Card. Last week an end to admission charges was announced for schools at the Museum of London.

There is also support for the capital's creative industries, from London Fashion Week and the London Design Festival to Film London. The 2012 London Cultural Skills Fund and east London's Metropolitan Works, meanwhile, are investing in the development of innovation and the creative workforce."
Boris Johnson, Mayor of London