British MP’s: Museums Must Be Better At Business

A British parliamentary committee says museums need to be more business-like. “Unbelievably, some museums and galleries have made losses on activities that were supposed to generate income, and have an inadequate grasp on the costs involved,” says one critic. “All museums and galleries must be more robust in their planning. They should establish five-year targets for income growth and set out how these will be achieved; in doing so they must properly identify which activities are profitable and the risks to be managed. Seventeen government-sponsored venues received grants worth £280m last year, and generated an additional £108m.”