The British Council, which promotes UK cultural and language relations abroad, is searching for a multi-million-pound bailout to stave off insolvency due to the impression of COVID-19, the federal government mentioned on Thursday.
Junior overseas minister Nigel Adams informed parliament the organisation was searching for a 60-million pond ($75-million, 66-million-euro) “advance” from the federal government’s emergency Contingencies Fund.
“The British Council’s industrial earnings has been closely hit by COVID-19, resulting in vital losses and the chance of insolvency,” Adams informed MPs in a written assertion.
Regardless of cost-cutting measures, comparable to furloughing employees, the council’s monetary state of affairs was dire, he added.
“With out further assist from Authorities the British Council will shortly turn out to be bancrupt,” he mentioned.
“The Overseas and Commonwealth Workplace is due to this fact searching for a Contingencies Fund advance to supply an preliminary mortgage of as much as £60m to the British Council.”
The British Council is a key a part of UK gentle energy abroad, and works in additional than 100 international locations, with over 7,000 employees worldwide.
It was based in 1934 to advertise British tradition and battle the rise of fascism.
A British Council spokeswoman mentioned: “We’re grateful to the UK Authorities for this beneficiant mortgage to assist us stabilise.”
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