London’s South Bank begs for debt reliefmain
It turns out that London’s sinking arts centre is burdened with a ‘crippling’ £21 million of debt that it wants the Government to ease.
The causes of the debt are not cultural but structural – grandiose building plans.
The South Bank has declared itself shut until the end of 2020.
There is no reason to rush in with emergency aid. The Government should let the organisation sink beneath its unconstitutional debt, call in the administrators and reconstitute the centre – as we have always advocated – as a private, entrepreneurial corporation.
cc. Boris Johnson