Newspaper article The Evening Standard (London, England)

Donors Won't Make Up for Arts Cuts, Says [Pounds Sterling]5m Tate Philanthropist

Newspaper article The Evening Standard (London, England)

Donors Won't Make Up for Arts Cuts, Says [Pounds Sterling]5m Tate Philanthropist

Article excerpt

Byline: Gideon Spanier

ONE of the City's top arts benefactors told David Cameron today he would not pick up the tab for budget cuts.

John Studzinski, who gave [pounds sterling]5 million to Tate Modern in 2007, warned the Prime Minister that the private sector would not make up the shortfall when savings of up to 40 per cent are imposed on public spending.

The senior managing director of Blackstone Group said the dramatic decline in arts investment would mean "cutting into muscle".

Culture Secretary Jeremy Hunt has sparked outrage over his plans to slash subsidies and shut several Government-backed bodies, including the UK Film Council. Mr Studzinski said: "The Government should not expect the private sector to cover fixed costs which it is no longer financing." He told Bloomberg News that the Coalition's austerity measures could not be absorbed by big donors alone.

He said that while philanthropy was increasing, donors tended to fund oneoff projects rather than ongoing costs. …

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