Investec survey: 40% of people want businesses to fund the arts
Four in ten people think UK businesses have a duty to support the arts sector through corporate sponsorshop and more than a third say wealthy individuals should offer more financial support to the arts, findings of a new survey from Investec Wealth & Investment reveals.
The findings – commissioned to mark the third year of IWI’s sponsorship of Opera Holland Park – are announced the day after culture secretary Maria Miller called for a “mixed economy model where targeted public funding will stimulate money from other sources” in arts support and urged organisations “to hammer home the value of culture to our economy.”
Although almost one in five (18%) of those surveyed believed that all government funding of arts and cultural activities should be stopped, 16% thought that additional taxes should be imposed on high earners to directly fund the arts, while 4% thought additional taxes for arts support should be levied on everyone.
The survey revealed sharp regional contrasts, with more than half (53%) of Londoners calling on businesses to offer more support through sponsorship while a quarter of respondents in Yorkshire and Humber insisted all government funding should be scrapped.
Twice as many people over 55 supported the call for an end to government funding than those aged 18-34, with opinions split 24% to 12% respectively.
David Bulteel, executive director of investment management at Investec Wealth & Investment said: “The arts are a vital part of British culture and offer a clear benefit to the UK economy. The reduction in government financial support for the sector means that funding in the form of sponsorship is increasingly important if it is to continue to thrive. We hope that other businesses are able to show their support for the arts at a time when many arts organisations are facing serious funding problems.”