&imwidth=800&imheight=600&format=webp&quality=medium "Cash-strapped British Council says 'forced to sell everything'. What happened?")
The British Council, a UK-based cultural organisation that operates in over 100 countries, is facing financial peril and is selling "everything" to survive, its chief executive, Scott McDonald, said earlier this week. He has sought financial help from the British government to help it tide over the crisis.
The cash-strapped organisation is considering a second restructuring since the coronavirus pandemic to reduce costs. It is also seeking from the government the resolution of the £197 million loan.
‘Selling everything’
McDonald told British MPs on Tuesday that "everything" in the organisation had stalled, and that the organisation was in financial peril despite its efforts to break out of it. He told lawmakers that the British Council is selling everything.
“We are now selling everything the British Council has that we can sell. We don’t have anything else,” he was quoted as saying by the Financial Times.
He said that if the soft power is worth it, the UK must fund the organisation; otherwise, it will have to shrink further.
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In the absence of the British government's hand-holding, the organisation is exploring options like cutting jobs, closing operations in 35 nations, and selling assets worth £90 million.
The panel was coaxed to take the loan during the pandemic era by the previous Conservative government. The panel is liable to repay the loan by September 2026.
He said if the British Council transferred its 9000-piece art collection to the government, the loan would be repaid.
However, he said, the idea "hasn't got traction" with the government.
He said the loan can be written off if the government displays political will.
A government panel said it will support the British Council. However, no decisions have been made on future grant funding.
The UK’s international organisation operates in 100 countries and reached 650 million people in 2021-22.
The company's primary sources of income are teaching, exams, and contracts for development. It has come under dire financial straits since the coronavirus pandemic.
In January, then foreign secretary David Lammy launched the Soft Power Council, saying the government advisory board would help “enhance our security and drive economic growth”.