- The British Council has not repaid any of a £197 million government loan, six years after the initial funding, and continues to lose money.
- The National Audit Office (NAO) found the cultural body only began making interest payments on the loan in April 2024, with the capital remaining untouched.
- The British Council does not anticipate returning to profit until 2029/30 and has offered its art collection, including works by LS Lowry and Francis Bacon, as repayment, which the Government rejected.
- A proposed plan, awaiting ministerial approval, could see the British Council make around a quarter of its staff redundant and close offices in 11 countries to address its financial difficulties.
- The loan, initially due in March 2024, has been extended to September 2027, with the Foreign Office and British Council negotiating a long-term solution for repayment.
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