Southbank Centre is to see its Arts Council England funding cut by 15 per cent in real terms over the next four years, but some SE1 arts organisations will get more cash under the new settlement announced on Wednesday.
Southbank Centre, which includes the Royal Festival Hall, Queen Elizabeth Hall and Hayward Gallery, received £22.1 million from the Arts Council in the current year but its funding will fall to £20.1 million over the next four years.
The four resident orchestras at Southbank Centre – London Philharmonic Orchestra, Philharmonia Orchestra, London Sinfonietta and the Orchestra of the Age of Enlightenment – all face cuts too.
The National Theatre will lose 14.9 per cent of its Arts Council England cash over the next four years in real terms – and it will be expected to support other arts organisations too.
Beneficiaries of Wednesday's announcement include the Young Vic, which gets a 5.5 per cent rise in real terms, and Borough High Street-based arts radio station Resonance FM which sees its ACE funding rise from £92,942 in the current year to £167,936 in 2014/15.
The Siobhan Davies Dance Company at Elephant & Castle will see its funding fall by 8.4 per cent in real terms.
The Mayor's Thames Festival will also have its current £167,949 grant reduced by 14.9 per cent in real terms by 2015.
The Rambert Dance Company, which is planning to built a new permanent home on the South Bank, faces a modest 4.4 per cent real terms cut over four years.
"This is about a resilient future for the arts in England," said Dame Liz Forgan, chair of Arts Council England.
"We have taken the brave path of strategic choices not salami slices which has meant some painful decisions, and it is with great regret that we have had to cease funding some good organisations.
"But we will still be supporting excellence, exceptional talent and successful risk-taking; helping organisations to get their great work out far and wide; backing strong leadership and cultural entrepreneurialism; supporting resilient organisations that can thrive as well as survive; and encouraging work that really enthuses children and young people – because that’s where it all begins.
"We have tried to go about this difficult process collaboratively, and with honesty and clarity of purpose. We have been helped enormously by having a 10-year shared vision for the arts, which has focused our minds."