The British Council, facing a financial crisis with a £197m debt, is reviewing its asset management and may sell artworks from its extensive collection to improve fiscal stability. This collection includes nearly 9,000 pieces by renowned British artists but lacks a permanent display location. The council's revenue primarily comes from teaching and exams while experiencing strain from a government loan made during the pandemic. Discussions with the government for increased financial aid are ongoing as the closing options include significant budget cuts and staffing reductions.
The British Council is facing a financial crisis, considering selling artworks from its prestigious collection to offset a £197m debt.
CEO Scott McDonald stated that he is contemplating £250m in budget cuts, which may lead to staff reductions and the council's withdrawal from 40 countries.
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