British Council Seeks 60 Million Pound Government Bailout Amid COVID-19: The British Council is a key a part of UK tender energy abroad (Representational)
British Council Seeks 60 Million Pound Government Bailout Amid COVID-19
The British Council, which promotes UK cultural and language relations abroad, is in search of a multi-million-pound bailout to stave off insolvency due to the impression of COVID-19, the federal government stated on Thursday.
Junior overseas minister Nigel Adams instructed parliament the organisation was in search of a 60-million pond ($75-million, 66-million-euro) “advance” from the federal government’s emergency Contingencies Fund.
“The British Council’s business earnings has been closely hit by COVID-19, resulting in vital losses and the danger of insolvency,” Adams instructed MPs in a written assertion.
Regardless of cost-cutting measures, similar to furloughing workers, the council’s monetary scenario was dire, he added.
“With out extra assist from Authorities the British Council will shortly turn into bancrupt,” he stated.
“The International and Commonwealth Workplace is subsequently in search of 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 tender energy abroad, and works in additional than 100 international locations, with over 7,000 workers worldwide.
It was based in 1934 to advertise British tradition and battle the rise of fascism.
A British Council spokeswoman stated: “We’re grateful to the UK Authorities for this beneficiant mortgage to assist us stabilise.”
(Aside from the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)