"The head of the British Council has this week proposed transferring the organisation's vast art collection to the UK government in a bid to offset debts of almost £200m. The collection comprises almost 9,000 British art works of the 20th and 21st centuries by artists including Lucian Freud, David Hockney, Tomma Abts and John Akomfrah. The works have no permanent gallery, with around a fifth of on display at any one time in the UK and internationally."
"The council's financial situation worsened after taking out an emergency £250m loan from the government during the Covid-19 pandemic. The outstanding debt is now £197m, and the council pays £12m to £15m annually in interest on the loan. McDonald described a transfer of the council's art collection in lieu of repaying the loan as "a good solution for everyone". However, he claimed that ministers have displayed little interest in the move, stating that he had made "close to no progress" with the government."
The British Council faces almost £197m outstanding debt after an emergency £250m government loan taken during the Covid-19 pandemic and pays £12m–£15m annually in interest. The council holds almost 9,000 British 20th- and 21st-century artworks by artists including Lucian Freud and David Hockney, with no permanent gallery and roughly one fifth displayed at any time domestically or internationally. Chief executive Scott McDonald warned of severe financial peril and proposed transferring the collection to the UK government to offset the loan. The council is reviewing the collection, may consider disposals under museum codes, and plans further job cuts, asset sales and closures in 35 countries.
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