Maria Balshaw, who announced plans in December to step down as director of the Tate Gallery since 2017, said Chancellor Rachel Reeves should incentivize donations to museum endowments by offering greater tax breaks to would-be philanthropists.
during an interview financial timesBalshaw said, “The government could do more to incentivize the very wealthy to donate because the playing field for British museums is very uneven compared to American institutions. Rachel Reeves…should think hard and think creatively.”
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She continued: “The arts are part of the public good, so we need public funding, not just commercial and philanthropic funding. But we can make a real shift in financial stability. A modest tax incentive for endowments is not unaffordable, and it would be transformative.”
In June, the Tate launched an endowment called the Tate Future Fund, which aims to raise £150 million (approximately $200 million) by 2030. guardian At the time, Balshaw said: “There are many organizations in the UK working hard to create endowments, particularly in higher education, but no cultural organization has done anything like this before.” The Tate’s endowment has since grown from £43 million at its founding to £55 million ($73.3 million).
according to financial timesThe Tate has recorded an operating deficit of £5m in 2024-25, but Balshaw said the institution was on track to balance its budget this year. She also said the government should introduce a “tourist tax” in England and retain 80% of the revenue to continue free admission to museums.
“The British Museum and the Victoria and Albert Museum, in particular, have a lot of the best art and culture from other countries,” Balshaw said. “If we say ‘We’ve got your stuff, but we’re going to charge you an entrance fee,’ what does that mean to people from other parts of the world? I don’t like that idea.”
