On 9 October 2007 the Government announced its Pre-Budget Report and Comprehensive Spending Review, which allocates funding to government departments for the next three years (2008–11). The Treasury announced an increase for the Department for Culture, Media and Sport (DCMS) from £1.6 billion in 2007–8 to £1.8 billion by 2010–11, equivalent to 6.6% annual average growth. The settlement was better than anticipated by the sector, which prior to the announcement had launched a campaign to highlight the important financial and social contribution made by museums and galleries across the UK. Tate’s Grant-in-Aid settlement for the next three years has annual growth of 2.7% per year.
Tate was also grateful for government commitment on capital spending which included a major sum of £50 million towards Transforming Tate Modern and £3.75 million towards the development of the National Art Collections Centre.
