Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleThe British Council has offered works by greats such as Tracey Emin, pictured, to repay the loan (PA)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. In fullBritish Council in ‘precarious financial situation’ after failing to repay £197m Covid loanThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
Future of British Council uncertain as institution still owes £197m of Covid loan
Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleThe British Council has offered works by greats such as Tracey Emin, pictured, to repay the loan (PA)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. In fullBritish Council in ‘precarious financial situation’ after failing to repay £197m Covid loanThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
