LONDON (CelebrityAccess) — The British government announced that the nation’s arts, culture and heritage industries will receive a £1.57 billion rescue package to help them weather the ravages of the global coronavirus pandemic.
The money, which the Ministry of the Treasury says represents the biggest ever one-off investment in UK culture, is intended to help support businesses and cultural institutions amid ongoing shutdowns of many aspects of civic life, from museums and galleries, to independent cinemas and live music venues.
The rescue plan includes a £1.15 billion fund to support cultural organizations through a mix of grants and loans. This will be made up of £270 million of repayable finance and £880 million apportioned for grants.
The plan also includes £100 million of targeted support for the national cultural institutions in England and the English Heritage Trust
As well, the fund has targeted £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).
The bailout includes repayable loans that will be issued on generous terms tailored for cultural institutions to ensure they are affordable.
Further details will be set out when the scheme opens for applications in the coming weeks.
“Music Venue Trust warmly welcomes this unprecedented intervention into Britain’s world class live music scene. We’d like to thank the Secretary of State and the team at DCMS for the opportunity to work closely together throughout this crisis to develop genuine solutions to the challenges faced by grassroots music venues. This fund provides the opportunity to stabilize and protect our vibrant and vital network of venues and gives us the time we need to create a plan to safely reopen live music,” said Mark Davyd, Music Venue Trust.