U.K. Starts $120 Million Matching Fund to Boost Cultural Giving

U.K. Culture Secretary Jeremy Hunt announced an 80 million pound ($120 million) matching fund to boost cultural philanthropy, saying the rich in Britain gave six times less to the arts than their U.S. equivalents.

In a speech at the JPMorgan Chase & Co. offices in London today, Hunt said his purpose was not to find a substitute for government grants, nor was it “importing a U.S. model wholesale into the U.K.”