A new £250 million Culture Investment Fund (CIF) will be introduced to “drive local growth, support young people, and reinforce culture’s role at the heart of communities.”, as announced by DCMS during the weekend.
This new fund will benefit the culture and creative sectors, including providing extra investment in innovative cultural projects, libraries, museums and creative industries. In total, DCMS (the Department for Digital, Culture, Media and Sport) will invest an additional £50 million each year in culture and the creative industries across England “to revitalise existing assets and to support new cultural development.”
- Over £125 million of this funding will be invested in regional museums and libraries around the country;
- More than £90 million will go to extending the Cultural Development Fund, which uses investment in heritage, culture and creativity to drive regeneration and growth;
- £18.5 million has been allocated to York’s National Railway Museum;
- £7 million has been added for the Coventry and the UK City of Culture Programme.
This investment will be delivered by DCMS, with Arts Council England (ACE) having a key role in distribution of the fund. Both the National Lottery Heritage Fund and Historic England will also play significant roles, particularly in the delivery of the museums maintenance fund.