British Council in ‘precarious financial situation’ after failing to repay £197m Covid loan (opens original article in a new tab)

The British Council faces a 'precarious financial situation' after failing to repay a £197m government loan, with no profit expected until 2029/30 and ongoing negotiations to resolve the debt.

• British Council has not repaid £197m Covid loan and expects to return to profit in 2029/30
• NAO report states British Council has only met interest payments since April 2024
• British Council offered to pay loan with art collection but government rejected the offer